Jeep becomes first automotive brand to receive ‘Cult Brand’ honor

The latest addition to the Jeep range in the Middle East is the Jeep Compass.
Updated 21 March 2018
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Jeep becomes first automotive brand to receive ‘Cult Brand’ honor

Jeep has been recognized as a 2018 “Cult Brand” honoree at the annual The Gathering (Society of Cult Brands). Jeep is the first and only automotive brand to be recognized by the association.
Eight brands and their leaders were honored at The Gathering in Banff, Alberta for their outstanding courage and unconventional thinking in achieving “enviable brand engagement” and reaping the benefits of “cult-like status.”
“Having the Jeep brand acknowledged as a Cult Brand honoree is a testament to the people, who since 1941, have dedicated themselves to building the world’s most capable SUVs, whose off-road capability is second to none,” said Mike Manley, head of Jeep brand — FCA.
“The global Jeep community is like no other. There is no other automotive brand that is so instantly recognizable and woven into the history of its home nation yet recognized around the world, and one that is protected with such a passion by its owners, fans and followers.”
Founded in 2013, The Gathering focuses on honoring the principles and practices employed by the world’s most successful brands, which have come to dominate their industries or categories by winning the irrational loyalty and devotion of customers and fans the world over.
“Other automotive brands have been nominated over the years, but it’s so fitting that Jeep is the first Cult Brand honoree,” said Chris Kneeland, co-founder of The Gathering and chair of the brand selection committee. “It’s an iconic brand with vehicles that stand apart from any other in the automotive category. Their marketing, product innovation and customer engagement are best-of-breed and represent exactly how cult brands foster internal and external brand engagement.”
The latest addition to the Jeep range in the Middle East, and available in showrooms across the region from April this year, is the Jeep Compass.
The new compact SUV claims to offer an unmatched combination of attributes, including — best-in-class 4x4 off-road capability, contemporary and authentic Jeep design, excellent on-road driving dynamics, open-air freedom, great interior and cargo space plus a full array of advanced user-friendly connectivity and safety technologies.
United Motors Co. is the official distributor of Jeep in Saudi Arabia.


Mobily quarterly loss down by 49%

Updated 50 min 20 sec ago
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Mobily quarterly loss down by 49%

Saudi telecom provider Mobily decreased its quarterly losses in Q1 2018 by 49 percent to SR93 million ($24.84 million) compared with SR182 million in Q4 2017. This was mainly due to a growth of revenues driven by a better mix of products mainly from data, the increase of efficiency in managing operational expenses, the impact of implementing IFRS 9 and 15, and the reversal of certain provisions that are no longer required, according to the company.

Revenues improved for the second consecutive quarter reaching SR2,833 million in Q1 2018 compared with SR2,827 million in Q4 2017, a slight increase of 0.2 percent, despite the following:

l The impact on sales at the beginning of the year due to the implementation of the value-added tax (VAT). 

l The reduction in interconnection rates by 45 percent.

l The seasonality of handset sales, and its increase in Q4 2017.

l The seasonal decrease related to the number of days in Q1. 

Without the decrease of the interconnection rates, revenues would have grown by 2 percent.

Mobily’s gross profit increased in Q1 2018 by 6.6 percent to SR1,663 million compared with SR1,560 million in Q4 2017. This increase is mainly due to the reduction in interconnection rates during Q1 2018 compared with those of Q4 2017 and the reduction in equipment costs in Q1 2018 compared with Q4 2017.

Mobily managed to grow its revenues for the second consecutive quarter. Q1 2018 revenues slightly decreased by one percent (SR33 million) to SR2,833 million compared with SR2,865 million in Q1 2017. Mobily achieved a stable level in revenues despite the general economic and regulatory changes, including the impact on sales in the beginning of the year due to the implementation of VAT, and the reduction in interconnection rates by 45 percent.

Without the decrease of the interconnection rates, the revenues would have grown by one percent year over year.

The gross profit stabilized at SR1,663 million in Q1 2018 compared to SR1,665 million in Q1 2017 with a slight decrease by 0.12 percent, despite the slight decrease in revenues.