Mobily continues revenue growth for 8 quarters in row

Updated 23 October 2019

Mobily continues revenue growth for 8 quarters in row

Mobily continued to grow its revenues for the eighth consecutive quarter to reach SR3.4 billion ($892 million) in Q3 2019, with a YoY growth of 14.4 percent. This is mainly attributed to the growth of its subscribers’ base, the growth of revenues of business and wholesale units, and the growth of its FTTH active base.

The company continued delivering positive net results for the fourth consecutive quarter, as the Q3 2019 net result highlighted a YoY growth by 82 percent to reach SR51 million compared to a loss of SR31 million in Q3 2018, and a QoQ improvement by 13 percent compared to a profit of SR38 million in Q2 2019.  This is mainly due to an improvement in topline and operational performance and due to the strong and healthy EBITDA.

Mobily succeeded in increasing its EBITDA to reach SR1,277 million in Q3 2019, with a YoY increase of 17.4 percent. The EBITDA increase is attributed to the growth of revenues, the improvement in operational performance, and the implementation of IFRS16. 

The Capex in 9M 2019 decreased to reach SR1,464 million due to capitalization of spectrum. Excluding the spectrum fees, the Capex intensity reflects the company’s continuous commitment to improving its infrastructure, quality of services and customer experience.
Moreover, Mobily substantially improved its 9M 2019 operational cash flow (EBITDA-Capex) by 114 percent to reach SR2,307 million, contributing to the company’s ability to deleverage its debt levels and meet its obligations to its creditors and suppliers.

Bupa Arabia supports the underprivileged & orphans

Updated 26 May 2020

Bupa Arabia supports the underprivileged & orphans

Bupa Arabia for Cooperative Insurance has partnered with the Ministry of Human Resources and Social Development to distribute 3,000 food baskets among underprivileged families, which are registered with the ministry’s Social Welfare and Family Welfare Agency. The initiative comes in line with the spirit of Ramadan, a month of giving, and in response to the COVID-19 outbreak.

This year, orphans who are covered under Bupa Arabia’s free health insurance program will help in preparing and distributing the baskets to inculcate a sense of giving among them.

Dr. Abdullah Al-Wahaibi, undersecretary at the Social Welfare and Family Welfare Agency, hailed Bupa Arabia’s move to involve orphans in preparing and distributing baskets under the supervision of the agency, saying: “This is a caring gesture from Bupa Arabia, and it promotes a sense of belonging among orphans while cultivating the principles of giving, communication and closeness between them and society.”

He added that the initiative supports what the company has been offering orphans for years. More than 2,600 orphans, living in more than 47 homes across the Kingdom, benefit from Bupa Arabia’s free health insurance program. The program includes divorced orphans and widows who live with their children in social care homes.

Loay Hisham Nazer, chairman of Bupa Arabia, said: “The orphans will be joining hands to assemble and distribute baskets to the families in an attempt to get a sense of the pride of giving during the holy month. We’ve also extended this to our employees, who collectively prepared 411 food baskets. We hope that we make a real and positive impact through this initiative.”

Bupa Arabia was the first company to offer free health insurance for residents of “Dar Al-Rafeef” in 2011. Three years later, in 2014, the program expanded to cover all orphans residing in shelters supervised by the Ministry of Human Resources and Social Development.

“We believe that in order to play a proactive role in society, we need to provide more than just health insurance; we should aim to become the health care partner for every orphan in Saudi Arabia. Therefore, we would like them to know that we are always by their side,” Nazer said, adding that the orphans receive special treatment and the same services that are given to some VIP clients.

The free health insurance program offers a range of quality services, including a designated hotline to receive calls and provide immediate assistance. Bupa Arabia also developed an integrated program that enables doctors to visit beneficiaries periodically for checkups, and regularly organizes health education workshops to raise awareness. The program is approved by the Cooperative Health Insurance Council and covers all treatments, including plastic surgery, dermatology, and even cases that are not covered by regular health insurance.