Mobily CFO says network investment strategy contributed to higher profit

Mobily’s Chief Financial Officer, Khaled Abanami 

Etihad Etisalat Co. (Mobily) reported constant growth in profitability and revenue over the past 10 quarters since 2019, thanks to its network investment strategy, which boosted personal and business divisions, CNBC Arabia reported, citing Chief Financial Officer (CFO) Khaled Abanami.

“Mobily’s operational efficiency and cost-reduction program augmented our profit, and helped post satisfactory profit margins and sustainable growth rates,” Abanami added.

Despite the negative repercussions of the COVID-19 outbreak, Mobily’s business sustainability plans helped grow its clientele and offset the shortage of some services, including the business enterprises, he indicated.

Mobily’s strategic objectives include adding value to investors via increasing its ownership in the new towers company, cutting costs and bolstering its operational efficiency. Any investment opportunity that would cater to these objectives will be considered to add value to the company’s shareholders, he noted.

Backed by its infrastructure and extensive project portfolio, Mobily can participate in the Kingdom’s programs, including the National Investment Strategy (NIS) or other initiatives, which will expectedly enable the telecom operator to provide services to the public and commercial businesses.   

Abanami expected the telecommunication services sector to grow in the light of Vision 2030, in addition to the enormous ongoing digital transformation projects across the Kingdom. 

Mobily reported a net profit after Zakat and tax of SAR 751 million for the first nine months of 2021, an increase of 40% from SAR 537 million in the same period last year. The net profit after Zakat and tax for Q3 2021 stood at SAR 281 million, up 27% YoY, Argaam reported.