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Etihad Etisalat Co. (Mobily) announces its consolidated interim financial results for the period ending on 30-06-2023 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 4,248 | 3,899 | 8.95 | 4,051 | 4.86 |
| Gross Profit (Loss) | 2,435 | 2,333 | 4.37 | 2,306 | 5.59 |
| Operational Profit (Loss) | 656 | 513 | 27.88 | 627 | 4.62 |
| Net Profit (Loss) after Zakat and Tax | 497 | 360 | 38.05 | 465 | 6.88 |
| Total Comprehensive Income | 480 | 350 | 37.14 | 454 | 5.73 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 8,299 | 7,710 | 7.64 |
| Gross Profit (Loss) | 4,741 | 4,571 | 3.72 |
| Operational Profit (Loss) | 1,283 | 974 | 31.72 |
| Net Profit (Loss) after Zakat and Tax | 962 | 679 | 41.68 |
| Total Comprehensive Income | 935 | 755 | 23.84 |
| Total Share Holders Equity (after Deducting Minority Equity) | 16,408 | 15,296 | 7.27 |
| Profit (Loss) per Share | 1.25 | 0.88 | |
| 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 497 million for Q2 2023, compared to a net profit of SAR 360 million in Q2 2022, representing an increase of 38.1%, due to the following: Revenue: Mobily continued to grow its revenue to reach SAR 4,248 million in Q2 2023 versus SAR 3,899 million in Q2 2022, or a YoY growth of 9.0%. This is attributed to the growth of all revenue streams, supported mainly by business segment, with a healthy growth in the overall subscriber base. Gross profit: Driven by an increase in revenue, gross profit increased by 4.4% to reach SAR 2,435 million in Q2 2023 versus SAR 2,333 million in Q2 2022. Earnings before interest, tax, depreciation, and amortization (EBITDA): EBITDA increased by 7.4% YoY in Q2 2023 to reach SAR 1,586 million compared to SAR 1,476 million in Q2 2022, reflecting the growth in revenue in addition to the company’s efficiency in managing its operations. EBITDA margin reached 37.3% in Q2 2023 versus 37.9% in Q2 2022. Operating profit: Operational profit increased in Q2 2023 by 27.9% YoY, reaching SAR 656 million from SAR 513 million in Q2 2022, due to EBITDA growth. Financial charges and Zakat: The financial charges increased by 23% in Q2 2023 to reach SAR 176 million from SAR 143 million in Q2 2022, due to the increase in interest rate. Zakat & Income tax came at SAR 33 million in Q2 2023 compared to SAR 26 million in Q2 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 6.9% in its net profit, reaching SAR 497 million in Q2 2023 from SAR 465 million in Q1 2023, due to the following: Revenue: Mobily’s revenue amounted to SAR 4,248 million in Q2 2023, a QoQ increase of 4.9% from SAR 4,051 million in Q1 2023. This is mainly attributed to the growth of all revenue streams, with a healthy growth in the overall subscriber base. Gross profit: Gross profit increased by 5.6% QoQ to reach SAR 2,435 million in Q2 2023 from SAR 2,306 million in Q1 2023, mainly due to the increase in revenue. Earnings before interest, tax, depreciation, and amortization (EBITDA): Mobily delivered an EBITDA of SAR 1,586 million in Q2 2023 versus SAR 1,554 million in Q1 2023, representing an increase of 2.1% that reflects the increase in gross profit. EBITDA margin reached 37.3% in Q2 2023 compared to 38.3% in Q1 2023. Operating profit: Operational profit increased by 4.6% in Q2 2023, reaching SAR 656 million from SAR 627 million in Q1 2023, due to the increase in EBITDA. Financial charges and Zakat: The financial charges increased by 1.9% in Q2 2023 to reach SAR 176 million from SAR 172 million in Q1 2023, due to the increase in interest rate. Zakat & Income tax is at SAR 33 million in Q2 2023 compared to SAR 42 million in Q1 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 an increase of 41.7% in its net profit for the current period ended on 30 June 2022, to reach SAR 962 million compared to a net profit of SAR 679 million for the similar period of the previous year, mainly due to the following: Revenue: Mobily succeeded in growing its revenues by 7.6% to reach SAR 8,299 million in the current period versus SAR 7,710 million for the similar period of the previous year. This is attributed to the growth of all revenue streams, supported mainly by business segment, with a healthy growth in the overall subscriber base. Gross profit: Gross profit for the current period amounted to SAR 4,741 million versus SAR 4,571 million for the similar period of the previous year, a growth of 3.7%. 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 3,140 million in the current period compared to SAR 2,915 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 maintained at 37.8% in the current period compared to the similar period of the previous year. Operating profit: Operational profit for the current period increased by 31.7% to reach SAR 1,283 million compared to an operational profit of SAR 974 million for the similar period of the previous year, reflecting the increase in EBITDA. Financial charges and Zakat: The financial charges for the current period increased by 30.0% to reach SAR 348 million compared to SAR 268 million for the similar period of the previous year, due to the increase in interest rate. Zakat & Income tax for the current period amounted to SAR 75 million compared to Zakat & Income tax of SAR 57 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 in H1 2023 amounted to SAR 574 million, compared to SAR 539 million in H1 2022. Free Cash Flow: Mobily’s Free Cash Flow (EBITDA-CAPEX) increased to reach SAR 2,566 million in H1 2023, a 8.0% increase from SAR 2,376 million in H1 2022. The condensed consolidated interim financial statements for the period ended on 30th June 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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