Riyadh – Mubasher: Saudi Arabia-based Etihad Etisalat Company (Mobily) on Monday reported turning a profit during the fourth quarter of 2018, along with trimming losses by 83% during the whole fiscal year of 2018.

Mobily’s net profits after calculating Zakat and Tax amounted to SAR 80 million ($21.33 million) from October to December 2018, against a loss of SAR 182 million ($48.52 million) in the previous year period, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the positive turn in its fourth-quarter financials to a 12% rise in revenues, logging SAR 3.16 billion in Q4-18, up from SAR 2.83 billion in Q4-17.

From January to December 2018, Mobily reduced its net losses after calculating Zakat and Tax by 83% to SAR 123 million ($32.79 million), from SAR 709 million ($189.02 million) in 2017.

The Tadawul-listed company attributed the decrease in losses to a 4.5% jump in revenues, reaching SAR 11,865 million for 2018, compared to SAR 11,351 million in 2017.

Losses per share hit SAR 0.16 last year, down from SAR 0.92 in 2017.

Mobily’s stock levelled down 0.89% to finish Monday's trading session at SAR 17.72.