Mobily cuts net losses by 61.5% for 9 months

Updated 23 October 2018
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Mobily cuts net losses by 61.5% for 9 months

Mobily reduced its net losses for the first nine months of 2018 by 61.5 percent. The telecom company cut its net losses in this period to SR202.9 million ($54 million) from SR527.2 million in the same period last year.

Revenues increased by 2.1 percent to SR8,703 million compared to SR8,524 million in the same period last year. 

This has been achieved despite the market, regulatory and economic challenges, including:

(1) The reduction of mobile termination rates.

(2) The continuous impact of the VoIP application on international calls revenue.

Taking out the impact of the decrease of mobile interconnection rates, revenues would have grown by 2.7 percent.

The gross profit increased by 4.5 percent to SR5,196 million for the first nine months of 2018 versus SR4,970 million in the same period of 2017. This is mainly due to the reduction of cost of sales as a result of mobile termination rates.

The company successfully improved its earnings before interest, tax, depreciation and amortization (EBITDA) to reach SR3,190 million compared to SR2,734 million for 2017, resulting in an increase of 17 percent. This is due to the company’s efficiency in managing its expenses, the reversal of certain provisions, and the implementation of IFRS 15 and 9. The EBITDA margin for the nine months reached 36.6 percent versus 32.1 percent for 2017.

Mobily’s Q3 2018 net losses reached SR30.9 million compared to SR174.4 million in Q3 2017, a decrease of 82 percent.

Mobily’s Q3 2018 revenues amounted to SR2,976 million versus SR2,805.7 million for Q3 2017, reflecting an increase of 6.1 percent.

This is mainly due to the improvement in consumer revenues, growth in FTTH sales and growth in business unit revenues driven by sales to government sectors. 

“This was achieved despite the market, regulatory and economic challenges including the reduction of mobile termination rates. By taking out the impact of the decrease of the mobile termination rates, quarterly revenues would have grown by 8 percent,” the company said.

Mobily succeeded in improving its EBITDA to reach SR1,088 million in Q3 2018 versus SR904 million in Q3 2017, an increase of 20 percent. This reflects the company’s efficiency in managing its operational expenses and the reclassification of SR84 million provision (built in Q1) from pre-EBITDA to post-EBITDA. 

This reclassification did not affect the calculated net losses.

EBITDA margin reached 36.6 percent for Q3 2018 versus 32.2 percent for the same quarter last year.


iCAUR V27 conquers city roads with new energy technology

Updated 23 February 2026
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iCAUR V27 conquers city roads with new energy technology

A media test drive event focused on premium on-road driving was held in Jeddah. On Feb. 5, iCAUR invited representatives from media outlets, including leading automotive outlet Motory, to take part in an in-depth driving experience featuring the all-round hybrid SUV V27 across urban roads and intercity highways.
Guests gathered at Jeddah’s premium landmark, Millionaire Restaurant, where the iCAUR Saudi Arabia team introduced the V27’s design philosophy and key technologies. Open discussions followed, helping members of the media gain a clearer understanding of iCAUR’s brand vision and the V27’s core strengths ahead of the test drive.
The test drive route covered urban roads in Jeddah as well as inter-city highways leading to King Abdullah Economic City, providing an ideal setting to evaluate the V27’s on-road performance across varied conditions. During long-distance highway driving, range and power remain key considerations, and the iCAUR V27 demonstrated solid on-road performance. As the brand’s first mass-production model equipped with the Golden REEV system, the V27 features a dedicated 1.5T range-extender engine with a thermal efficiency of 45.79 percent. It generates 3.71 kWh of electricity per liter of fuel and delivers a combined range of over 1,000 km, effectively addressing long-distance travel concerns.
On city streets with moderate traffic, the V27 impressed with its smooth and quiet ride. The electric motors deliver responsive, linear acceleration, with seamless start-stop performance that keeps driving relaxed even in traffic. Once on open intercity highways, pressing the accelerator fully unleashes 455 hp from the dual motors, propelling the SUV from zero to 100 km/h in about five seconds. Overtaking and lane changes feel effortless, with no hint of lag at any point.
Even more impressive, this five-meter-long SUV, with a chassis tuned by the internationally renowned racing team Prodive and equipped with an intelligent all-wheel drive system, maintained precise handling at high-speed corners. The steering felt responsive and refined, while the suspension offered solid support, completely defying the typical perception of large SUVs as cumbersome. “I didn’t expect such a large SUV to handle so nimbly — it was enjoyable to drive from start to finish,” one media guest remarked after the test drive. “The intelligent cockpit exceeded all expectations, making long-distance driving both comfortable and enjoyable!”
During the test drive, several media representatives praised the V27’s Stellar Cockpit. The 15.4-inch 3K HD touchscreen delivers crisp, detailed visuals, while the smart infotainment system powered by the 8155 chip ensures smooth operation comparable to a premium tablet, with seamless swiping and no lag. Meanwhile, a temperature-controlled armrest compartment, along with ventilated and heated seats precisely calibrated to the driver’s comfort, kept the driving experience enjoyable throughout the long-distance journey.
Previous test drives at Riyadh’s Edge of the World demonstrated the V27’s off-road capabilities under challenging conditions. The Jeddah media test drive, however, offered a first-hand experience of the V27’s impressive performance in city commuting and intercity highway scenarios. It not only overcomes the typical trade-off between power and range found in conventional new energy vehicles but also seamlessly combines intelligent technology with precise handling, meeting the key expectations of Saudi drivers for on-road performance.
As a model tailored for the Middle East market, the iCAUR V27 made its global debut in the UAE on Feb. 8, followed by a launch in Bahrain on Feb. 10. The arrival of the V27 is expected to bring fresh energy and new possibilities to the region’s premium new energy mobility segment.