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Mobily profits skyrocket 335% in Q3

Mobily profits skyrocket 335% in Q3
The company’s profits reached SAR 222 million in Q3-20.
ETIHAD ETISALAT
7020
1.01% 29.90 0.30

Riyadh – Mubasher: Etihad Etisalat Company (Mobily) reported a 335.3% leap in net profits during the third quarter (Q3) of 2020.

The company’s profits reached SAR 222 million in Q3-20, compared with SAR 51 million in Q3-19, according to a bourse filing on Wednesday.

The growing interim earnings were driven by higher gross profit by 2.01%, attributed to the decline in revenue cost.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 5.65% in Q3 while EBITDA margin soared to 40.2%. Moreover, operating profits jumped by 35.7%, whereas financing costs fell by 35.10%.

Revenues amounted to SAR 3.4 billion in the July-September period, down 1.4% yearly.

Over the period from January to September, the profits skyrocketed by 244.2% annually to stand at SAR 537 million.