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July 23, 2010

Mobily raised its profit to 40 % for 2010

I have discussed a little about Mobily here, it is a company that has a good start then it has faced a bad time and now it is growing again. As compared to Zain Saudi Arabia mobily is doing not good enough who got raised his profit to 107 % for last three months period but still it is better from last years.

Mobily announced the 40 % growth in first quarter of the year 2010. These results were announced on June 30, 2010, in which the net profit for the first half of the year amounted to SAR 1,615 million as compared to SAR 1,155 million for the same period of last year.

The net profit for Q2 2010 amounted to SAR 901 million against SAR 675 million for the same quarter of last year, presenting a growth of 33% and compared to a net profit of SAR 714 million for Q1 2010.

The revenues for Q2 2010 amounted to SAR 3,972 million presenting a growth of 24% over the same period of last year. The operating profit for Q2 2010 amounted to SAR 940 against SAR 728 million for the same quarter of last year, presenting an increase of 29%. Earnings per share (EPS) for the first six months of the year amounted to SAR 2.31 compared to SAR 1.65 for the same period of last year.

Mobily’s Chairman, Eng. Abdulaziz Alsaghyir said: “The growth of our Q2 revenues is due to the increase in broadband revenues and attracting more postpaid customers, in addition to the increase in the international interconnection margin, all of which have led to an increase in EBITDA to reach SAR 1,388 million for Q2 2010 as compared to SAR 1,180 million for the first quarter of this year. Our EBITDA for Q2 2009 was SAR 1,130 million. Besides an increase in usage levels and the success of Mobily’s customer loyalty program, Neqaty.”

Alsaghyir added: “Mobily has adopted its strategy for the next five years, known as ‘GED’, standing for Growth, Efficiency and Differentiation, to provide integrated telecom services built around fixed and mobile broadband technologies. The appeal of the telecom sector in Saudi Arabia and the Kingdom’s strategic and economic strength will help Mobily to achieve its goals.”

The Chairman continued that the “Growth” dimension of the new strategy will be led “by growing revenues from broadband and wholesale business, without taking our attention away from the cost of achieving this.” Furthermore, Mobily’s selective investment in Bayanat Al Oula, the Saudi National Fiberoptic Network (SNFN) and its WiMax network which increased competitiveness in the corporate/government segments of the market, will support this growth.

Mobily will improve “Efficiency” through infrastructure sharing, better spectrum utilization and technology optimization, the Chairman said.As for “Differentiation”, said the Chairman, Mobily will delight its customers by excelling in customer service and having the best work environment for employees, as well as delivering innovative products that enrich the lives of both.

The new TGN Gulf Cable System will support and complement Mobily’s existing fibrotic network linking all of the Kingdom’s regions and neighbouring countries, with increased global connectivity and capacity for Internet and data applications. Speeds of up to 1.2 Terabits/second will allow Mobily meeting the growing demand of government and corporate customers. Work on the cable is expected to finish throughout 2011.

At the end of year 2009, Mobily introduced HSPA+ at speeds of 21.6 Megabits/second and have recently completed testing of speeds of 42 Mbps in preparation for initial launch in major cities. Today, Mobily covers over 414 cities, towns and villages, reaching 90% of all populated areas in the Kingdom with its state of the art broadband network.


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