Turkish Airlines golf tournament in Dubai

The winners of the qualifiers progress to the grand finals in Antalya, Turkey, in November.
Updated 11 April 2018
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Turkish Airlines golf tournament in Dubai

Turkish Airlines, a global leader in civil aviation, brought its ever-growing World Golf Cup to the Dubai Creek & Yacht Club on March 27.
The airline, first in terms of country and international destinations, prides itself on its award-winning business class service and its commitment to the World Golf Cup, which has more than 8,000 invited guests competing in more than 100 tournaments worldwide.
Turkish Airlines is firmly committed to the aspirational vision of sporting competition, and trusts in its ability to unite people from different nations. The sports in question include football, basketball, rugby and golf at all levels.
This year’s tournament is backed by the Financial Times, The National, Titanic Hotels and clothing partner Ruck & Maul.
The winners of the qualifiers progress to the grand finals in Antalya, Turkey, in November. They will have the chance to secure a place in the Turkish Airlines Open pro-am, and will fly business class and stay at the five-star Titanic Golf Deluxe Hotel.
Abdul Moiz Khan will represent Dubai there after winning the competition with 43 points, while Marghoob Ali Khan was runner up and Baris Saysel was third.
The Nearest the Pin competition on the eighth hole for gentlemen and the 16th hole for ladies was won by Pankaj Kundra for the former and Satnam Kaur for the latter. Ashok Sindhu won the lowest gross score with 74. “We would like to thank all of our guests who made the Turkish Airlines World Golf Cup here in Dubai a huge success,” said Emre Ismailoglu, general manager of Turkish Airlines Dubai. “Once again, it was a fantastic tournament… and congratulations to our winner, Abdul Moiz Khan. We wish him the best of luck in Antalya.”


Mobily quarterly loss down by 49%

Updated 26 April 2018
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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.