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Etihad Etisalat Co. (Mobily) announces its consolidated interim financial results for the period ending on 30-09-2023 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 4,100 | 3,828 | 7.11 | 4,248 | -3.48 |
| Gross Profit (Loss) | 2,362 | 2,300 | 2.69 | 2,435 | -3 |
| Operational Profit (Loss) | 689 | 525 | 31.24 | 656 | 5.03 |
| Net Profit (Loss) after Zakat and Tax | 524 | 373 | 40.48 | 497 | 5.43 |
| Total Comprehensive Income | 505 | 412 | 22.57 | 480 | 5.21 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 12,399 | 11,537 | 7.47 |
| Gross Profit (Loss) | 7,103 | 6,871 | 3.38 |
| Operational Profit (Loss) | 1,972 | 1,499 | 31.55 |
| Net Profit (Loss) after Zakat and Tax | 1,486 | 1,051 | 41.39 |
| Total Comprehensive Income | 1,440 | 1,167 | 23.39 |
| Total Share Holders Equity (after Deducting Minority Equity) | 16,913 | 15,709 | 7.66 |
| Profit (Loss) per Share | 1.93 | 1.37 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Mobily achieved a net profit of SAR 524 million for Q3 2023, compared to a net profit of SAR 373 million in Q3 2022, representing an increase of 40.5%, due to the following: Revenue: Mobily continued to grow its revenue to reach SAR 4,100 million in Q3 2023 versus SAR 3,828 million in Q3 2022, or a YoY growth of 7.1%. This is attributed to the growth of all revenue streams, supported mainly by the business segment, with a healthy growth in the overall subscriber base. Gross profit: Gross profit increased by 2.7% to reach SAR 2,362 million in Q3 2023 versus SAR 2,300 million in Q3 2022 driven by the increase in revenue. Earnings before interest, tax, depreciation, and amortization (EBITDA): EBITDA increased to reach SAR 1,596 million in Q3 2023 compared to SAR 1,478 million in Q3 2022, or a YoY growth of 8.0%. This reflects the growth in revenue in addition to the company’s efficiency in managing its operations. EBITDA margin increased to reach 38.9% in Q3 2023 versus 38.6% in Q3 2022. Operating profit: Operational profit increased in Q3 2023 by 31.2% YoY, reaching SAR 689 million from SAR 525 million in Q3 2022, due to EBITDA growth. Financial charges and Zakat and income tax: The financial charges reached SAR 162 million in Q3 2023, increasing by 8.0% from SAR 150 million in Q3 2022, due to the increase in interest rate. Zakat and income tax came at SAR 48 million in Q3 2023 compared to SAR 22 million in Q3 2022. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Mobily achieved an increase of 5.4% in its net profit, reaching SAR 524 million in Q3 2023 from SAR 497 million in Q2 2023, due to the following: Revenue: Mobily’s revenue amounted to SAR 4,100 million in Q3 2023, representing a decrease of 3.5% from SAR 4,248 million in Q2 2023. This is mainly attributed to the seasonality nature of Q3 revenue in the Consumer segment. Gross profit: Gross profit decreased by 3.0% QoQ to reach SAR 2,362 million in Q3 2023 from SAR 2,435 million in Q2 2023, mainly due to the decrease in revenue. Earnings before interest, tax, depreciation, and amortization (EBITDA): Mobily delivered an EBITDA of SAR 1,596 million in Q3 2023 versus SAR 1,586 million in Q2 2023, an increase of 0.6% due to the company’s efficiency in managing its operations. EBITDA margin reached 38.9% in Q3 2023 compared to 37.3% in Q2 2023. Operating profit: Operational profit increased by 5.0% in Q3 2023, reaching SAR 689 million from SAR 656 million in Q2 2023, due to the increase in EBITDA. Financial charges and Zakat and income tax: In spite of the increase in interest rate, the financial charges decreased by 7.6% in Q3 2023 to reach SAR 162 million from SAR 176 million in Q2 2023, due to the reduction of the debt portfolio. Zakat and income tax was at SAR 48 million in Q3 2023 compared to SAR 33 million in Q2 2023. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Mobily achieved a growth in net profit of 41.4% for the current period ended on 30 September 2023, to reach SAR 1,486 million compared to a net profit of SAR 1,051 million for the similar period of the previous year, mainly due to the following: Revenue: Mobily succeeded in growing its revenues by 7.5% to reach SAR 12,399 million in the current period versus SAR 11,537 million for the similar period of the previous year. This is attributed to the growth of all revenue streams, supported mainly by the business segment, with a healthy growth in the overall subscriber base. Gross profit: Gross profit for the current period increased by 3.4% to reach SAR 7,103 million versus SAR 6,871 million for the similar period of the previous year. This is mainly attributed to the growth in revenues. Earnings before interest, tax, depreciation, and amortization (EBITDA): Mobily recorded an increase in EBITDA of 7.8% to reach SAR 4,736 million in the current period compared to SAR 4,393 million for the similar period of the previous year. The increase is attributed to the growth in revenues as well as the company’s operational efficiencies. EBITDA margin increased to 38.2% in the current period versus 38.1% for the similar period of the previous year. Operating profit: Operational profit for the current period increased by 31.6% to reach SAR 1,972 million compared to an operational profit of SAR 1,499 million for the similar period of the previous year, mainly due to the increase in EBITDA. Financial charges and Zakat and income tax: Reflecting the increase in interest rate, financial charges for the current period increased by 22.0% to reach SAR 510 million compared to SAR 418 million for the similar period of the previous year. Zakat and income tax for the current period amounted to SAR 123 million compared to SAR 78 million for the similar period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period’s presentation. |
| Additional Information | CAPEX: CAPEX for the first nine months of 2023 amounted to SAR 949 million, compared to SAR 935 million for the similar period of the previous year. EBITDA-CAPEX increased to reach SAR 3,787 million in the first nine months of 2023, a 9.5% increase from SAR 3,458 million for the similar period of the previous year. The condensed consolidated interim financial statements for the period ended on September 30, 2023 will be available through Mobily’s Investor Relations Website and Mobily’s IR App on smartphones and tablets, after being published on the Saudi Exchange website. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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