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.


Saudi teams shine in Schneider Electric’s competition

Updated 20 August 2018
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Saudi teams shine in Schneider Electric’s competition

Schneider Electric, a global leader in digital transformation of energy management and automation operating in more than 100 countries, has announced the qualification of four teams from Saudi Arabia out of 10 teams from the Middle East and Africa for the final round of the 2018 Go Green in the City competition, which brings together college students from all corners of the world.
Marketing Excellence Director of the Middle East and Africa at Schneider Electric, Nora Al-Shiha, said that the achievement of the qualified teams from Saudi Arabia and the Middle East represents an advancement in the perceptions of college graduates toward environmental sustainability. She said it confirms the interactive ability of female Saudi graduates to work in teams that care about environmental safety and implement creative projects that promote the value of green initiatives in developed communities.
Al-Shiha noted that the participation of the Saudi teams is consistent with Schneider Electric’s objectives, as the Go Green in the City competition supports the use of creative ideas and the utilization of human resources to find solutions for smart cities and the economics of a green, sustainable environment.
According to Al-Shiha, the qualified teams will acquire training, guidance and early career counseling, which will shed light on young national talents and give them the opportunity to prove their abilities. The competition will grant the winners a variety of sponsorship, networking, and travel prospects, as well as job opportunities at Schneider Electric.
She added that in its eighth year, the global competition has become a major event for many educational institutions and college students around the world. Go Green in the City comes within the framework of Schneider Electric’s efforts to raise the levels of innovation and creativity among young men and women around the world, revolutionize new methods for handling different challenges, and reach solutions that make our planet more vital and sustainable.
The competition also aims to activate Schneider Electric’s contribution to the development boom sought by the Kingdom’s leadership, in addition to fulfilling the objectives of the National Transformation Program in accordance with the ambitious Vision 2030.
Raghad Al-Sulami, who is a member of the “Touk” team, praised Schneider Electric for giving her the chance to become a part of this global event, and for encouraging the four teams to showcase their creative skills. She pointed out that the chance of her team winning the grand prize is promising as they currently hold second place in the Middle East and North Africa.
Schneider Electric’s approach is in line with the aspirations of the Kingdom’s leadership to support Saudi women and empower them in all fields. The Saudi woman has become an active component alongside the Saudi man, now contributing to all types of businesses and events in the Kingdom.