Industry Updates

'SAMENA Daily' - News

Mobily expects COVID-19 measures to impact telecom sector by 2020-end

Etihad Etisalat Co. (Mobily) said in a bourse statement that the impact of COVID-19 precautionary measures so far on the telecom sector was limited, however, it is expected to be affected by end of this year.

In a Q3 2020 financial results earnings conference call on Oct. 27, the company said the revenues of the business sector witnessed a growth during the first nine months of 2020, in addition to the development of the subscriber mix, and a rise in wholesale sales.

The telecom provider added that it has expanded the coverage of 5G communications network to reach 48 cities in the Kingdom.

According to the data available on Argaam, Mobily reported a net profit before Zakat and tax of SAR 537 million in 9M 2020, compared to SAR 156 million in the same period last year.