The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Mobily continued to grow its revenue to reach SAR 4,545 million in Q1 2024, a 11.7% growth from SAR 4,070 million in Q1 2023. This is attributed to the growth of all revenue streams, coupled with a healthy growth in the overall subscriber base. |
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 638 million for Q1 2024 compared to a net profit of SAR 465 million in Q1 2023, representing an increase of 37.2%, due to the following: Gross profit: Driven by the increase in revenue, gross profit increased by 7.7% to reach SAR 2,445 million in Q1 2024 versus SAR 2,270 million in Q1 2023. Earnings before interest, tax, depreciation, and amortization (EBITDA): EBITDA increased to reach SAR 1,651 million in Q1 2024 compared to SAR 1,562 million in Q1 2023, or a YoY growth of 5.7%. This reflects the growth in revenue. EBITDA margin reached 36.3% in Q1 2024 versus 38.4% in Q1 2023. Operating profit: Operating profit increased by 18.4% in Q1 2024, reaching SAR 753 million compared to SAR 636 million in Q1 2023, due to EBITDA growth. Financial charges and Zakat & Income tax: Financial charges decreased by 3.1% in Q1 2024 to reach SAR 167 million from SAR 172 million in Q1 2023, due to the reduction of the debt portfolio. Zakat & Income tax amounted to SAR 35 million in Q1 2024 compared to SAR 42 million in Q1 2023. |
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Mobily achieved a growth in its revenue to reach SAR 4,545 million in Q1 2024 versus SAR 4,306 million in Q4 2023, a QoQ growth of 5.5%. This is attributed to the growth of all revenue streams, coupled with a healthy growth in the overall subscriber base. |
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Mobily’s net profit reached SAR 638 million in Q1 2024, representing a decrease of 14.5% from SAR 746 million in Q4 2023, due to the following: Gross profit: Gross profit witnessed an increase of 7.9% QoQ, reaching SAR 2,445 million in Q1 2024 compared to SAR 2,265 million in Q4 2023, mainly due to the increase in revenue. Earnings before interest, tax, depreciation, and amortization (EBITDA): Mobily delivered an EBITDA of SAR 1,651 million in Q1 2024, compared to SAR 1,867 million in Q4 2023, a decrease of 11.5% as Q4 2023 included the positive impact of a contingent liability reversal of SAR 202 million. EBITDA margin reached 36.3% in Q1 2024 compared to 43.3% in Q4 2023. Operating profit: Operating profit decreased by 23.4% in Q1 2024 to reach SAR 753 million compared to SAR 983 million in Q4 2023 due to the decrease in EBITDA. Financial charges and Zakat & Income tax: Financial charges decreased by 7.2% in Q1 2024, reaching SAR 167 million from SAR 180 million in Q4 2023, due to the reduction of the debt portfolio. Zakat & Income tax amounted to SAR 35 million in Q1 2024 compared to SAR 95 million in Q4 2023. |
Statement of the type of external auditor's report | Unmodified conclusion |
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | The auditor’s report included, in other matter paragraph, the following: The interim condensed consolidated financial statements of the Group for the three-month period ended March 31, 2023 were reviewed by another auditor who expressed unmodified review conclusion on those interim condensed consolidated financial statements on 21 Shawwal 1444H corresponding to May 11, 2023. |
Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period’s presentation. |
Additional Information | CAPEX reached SAR 223 million in Q1 2024, compared to SAR 224 million in Q1 2023. EBITDA-CAPEX increased to reach SAR 1,428 million in Q1 2024, a 6.7% increase from SAR 1,338 million in Q1 2023. It is worth noting that in the past 12 months, Mobily managed to reduce its debt balance by more than SAR 2.3 bn. The condensed consolidated interim financial statements for the period ended March 31, 2024 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. |
Attached Documents | |