The Capital Market Authority’s (CMA) probe into Mobily's financial practices will help the operator regain confidence of investors, said Soliman Al Gwaiz, chairman of the company.
 
Al Gwaiz said that problems with Mobily's financial statements are currently being identified, accounting policies are being revised, and a compliance department is being added to ensure the correct application of operational policies.
 
“Mobily should be able to meet all debts within the next two years,” he added in an interview with Saudi Arabia’s state television. 
 
Saudi’s market regulator lifted on Thursday a week-long trading halt placed on the company’s shares after Mobily announced some of the reasons behind its financial troubles. 
 
The kingdom’s second largest telecom operator had reported that it lost a staggering SAR 913 million in its audited financials for fiscal year 2014. The company previously said that it made a net profit of SAR 220 million in its preliminary results. 
 
The market regulator said it has assigned its own independent audit team to review Mobily’s statements and that outcomes will be publicly announced with no reservations, according to data compiled by Argaam.

Comments 0

Be the first to comment

loader Train
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website