Riyadh – Mubasher: Etihad Etisalat Company (Mobily) has turned to profitability during the first quarter of 2019, as compared with 2018, according to the company’s initial data published on the Saudi Stock Exchange (Tadawul) on Sunday.

Mobily has logged SAR 67.3 million in profits in Q1-19, against a net loss of SAR 93.4 million in Q1-18, data showed.

The Saudi telecom firm has attributed turning to profitability to the improvement of subscribers base and the growth of fiber to the home (FTTH) active base and the increase in the business unit and wholesale revenues.

The Tadawul-listed firm also noted that it has maintained growth in revenues for the sixth consecutive quarter with net revenue of SAR 3.2 billion, up 13% from SAR 2.83 billion in Q1-18.

The company has also succeeded in raising its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to SAR 1.27 billion in Q1-19 from SAR 1.036 billion in the prior-year period.

The increase in EBITDA was mainly driven by the implementation of IFRS16, as well as the increase in revenues and improved operational performance.

Moreover, the company stressed it has not suffered any accumulated losses at the end of Q1-19.

In February, Mobily announced it had turned profitable in Q4-18, with a net profit of SAR 80 million, against a loss of SAR 182 million in the same quarter of 2017.