Mobily posts SR80m net profit in Q4 2018

Updated 19 February 2019
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Mobily posts SR80m net profit in Q4 2018

Mobily’s net profit for the fourth quarter of 2018 reached SR80 million ($21.3 million), compared to losses of SR182 million in Q4 2017.

The telecom company reduced its net losses by 82.7 percent for the year ending on Dec. 31, 2018, with net losses for 2018 amounting to SR123 million, compared to net losses of SR709 million for 2017.

The improvement is mainly due to the fact that Mobily continued to improve its revenues for the sixth consecutive quarter as Q4 2018 revenues witnessed a YoY growth of 11.9 percent, amounting to SR3,162 million, as opposed to SR2,827 million in Q4 2017. The annual revenue grew by 4.5 percent to reach SR11,865 million for the year 2018 versus SR11,351 million for the year 2017. This is mainly attributed to the growth of the subscriber base and an improvement of subscriber mix, data revenues, business unit revenues and FTTH revenues.

This was achieved despite the market, regulatory and economic challenges, including the reduction of mobile termination rates.

Taking out the impact of the decrease of the mobile termination rates, quarterly revenues would have grown by 14 percent and annual revenues would have grown by 6.5 percent, Mobily said in a statement.


Record-breaking attractions at LuLu Food Carnival

Updated 25 March 2019
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Record-breaking attractions at LuLu Food Carnival

LuLu Hypermarket is hosting a two-week food festival offering a wide variety of products and culinary treats inspired by flavors from around the world.
Food Carnival 2019 was launched on Sunday at the LuLu Hypermarket Murabba branch in Riyadh and runs until April 6.
On offer are a number of special deals on food products and exciting in-store activities such as cooking competitions, live cooking demos, free sampling, quiz contests and gigantic displays of food.
LuLu has partnered with Almarai and Guinness World Records to offer customers a chance to be the next Guinness World Records title holder. Customers can make an attempt to break up to nine world records, such as the fastest time to drink a 250-ml quantity of milk through a straw or the fastest time to stack cheeses. The Guinness World Records events will be held on March 29 at LuLu Hypermarket, Atyaf Mall, Riyadh; on March 30 at LuLu Mall Dammam; and on April 5 at LuLu Hypermarket, Marwah, Jeddah.
LuLu Director for Saudi Arabia Shehim Mohammed said: “LuLu has once again transformed into a culinary destination. This year, we have brought together a well-chosen product selection that will satisfy the lifestyle requirements of our customer base. This festival also celebrates the innovative spirit of our culinary talents with the support of top chefs in the country. People will have a chance to interact with celebrity chefs during the festival’s live cooking demonstrations. Super offers, such as product of the day, daily surprise, hourly offers, and so much more awaits our shoppers for the entire 14-day promotion.”