Etihad Etisalat posts higher net profit at SAR 6677m for 2013

31/12/2013 Argaam Exclusive

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Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Etihad Etisalat Co., the second mobile services provider in the kingdom, reported SAR 6677m net profit at the end of 2013, an 11% increase compared to last year, as shown in the following table:

Financials (M)

Item	2012	2013	Change‬
Revenues	23,585.30	18,102.67	(23.2 %)
Gross Income	11,976.97	11,206.67	(6.4 %)
Operating Income	6,135.05	4,704.71	(23.3 %)
Net Income	6,017.65	4,691.91	(22.0 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	7.82	6.09	(22.0 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2012	Q4 2013	Change‬
Revenues	6,715.03	4,087.12	(39.1 %)
Gross Income	3,421.97	2,589.22	(24.3 %)
Operating Income	1,844.72	401.13	(78.3 %)
Net Income	1,877.54	447.60	(76.2 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	2.44	0.58	(76.2 %)

Item	Q3 2013	Q4 2013	Change‬
Revenues	4,883.46	4,087.12	(16.3 %)
Gross Income	3,292.03	2,589.22	(21.3 %)
Operating Income	1,675.24	401.13	(76.1 %)
Net Income	1,631.94	447.60	(72.6 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	2.12	0.58	(72.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2004	-	-	-	-	-	-	-
Q2 2004	-	-	-	-	-	-	-
Q3 2004	-	-	-	-	-	-	-
Q4 2004	-	-	-	-	-	-	-
2004	-	-	-	-	-	-	-
Q1 2005	-	-	-	-	(412.48)	-	(0.59)
Q2 2005	58.46	-	3.54	-	(422.08)	-	(0.61)
Q3 2005	566.41	-	260.00	-	(165.63)	-	(0.24)
Q4 2005	1,036.87	-	430.96	-	(167.19)	-	(0.24)
2005	1,661.74	-	694.50	-	(1167.38)	-	(1.68)
Q1 2006	1,126.54	-	607.18	-	37.49	109.1 %	0.05
Q2 2006	1,450.06	2380.5 %	802.46	22581.2 %	116.13	127.5 %	0.17
Q3 2006	1,705.38	201.1 %	956.76	268.0 %	216.85	230.9 %	0.31
Q4 2006	1,901.26	83.4 %	1,155.65	168.2 %	329.89	297.3 %	0.47
2006	6,183.24	272.1 %	3,522.05	407.1 %	700.36	160.0 %	1.01
Q1 2007	1,876.72	66.6 %	987.29	62.6 %	250.61	568.5 %	0.36
Q2 2007	2,028.88	39.9 %	1,111.54	38.5 %	303.85	161.7 %	0.44
Q3 2007	2,124.14	24.6 %	1,175.69	22.9 %	310.62	43.2 %	0.45
Q4 2007	2,410.70	26.8 %	1,373.72	18.9 %	514.47	56.0 %	0.74
2007	8,440.43	36.5 %	4,648.24	32.0 %	1,379.55	97.0 %	1.98
Q1 2008	2,307.79	23.0 %	1,223.60	23.9 %	326.01	30.1 %	0.47
Q2 2008	2,543.55	25.4 %	1,413.01	27.1 %	448.41	47.6 %	0.64
Q3 2008	2,833.73	33.4 %	1,566.76	33.3 %	539.43	73.7 %	0.77
Q4 2008	3,109.47	29.0 %	1,817.68	32.3 %	777.93	51.2 %	1.01
2008	10,794.54	27.9 %	6,021.05	29.5 %	2,091.78	51.6 %	2.72
Q1 2009	2,810.46	21.8 %	1,616.66	32.1 %	480.16	47.3 %	0.62
Q2 2009	3,199.37	25.8 %	1,833.25	29.7 %	674.93	50.5 %	0.88
Q3 2009	3,511.17	23.9 %	1,982.11	26.5 %	806.85	49.6 %	1.05
Q4 2009	3,537.27	13.8 %	2,114.53	16.3 %	1,051.93	35.2 %	1.37
2009	13,058.26	21.0 %	7,546.55	25.3 %	3,013.87	44.1 %	3.91
Q1 2010	3,581.38	27.4 %	1,827.12	13.0 %	714.06	48.7 %	0.93
Q2 2010	3,972.33	24.2 %	2,073.83	13.1 %	901.02	33.5 %	1.17
Q3 2010	3,988.50	13.6 %	2,309.86	16.5 %	1,137.55	41.0 %	1.48
Q4 2010	4,470.94	26.4 %	2,572.61	21.7 %	1,458.84	38.7 %	1.89
2010	16,013.14	22.6 %	8,783.42	16.4 %	4,211.48	39.7 %	5.47
Q1 2011	4,484.30	25.2 %	2,289.13	25.3 %	998.23	39.8 %	1.30
Q2 2011	5,126.64	29.1 %	2,477.75	19.5 %	1,164.07	29.2 %	1.51
Q3 2011	4,639.69	16.3 %	2,472.28	7.0 %	1,223.77	7.6 %	1.59
Q4 2011	5,801.62	29.8 %	3,086.91	20.0 %	1,697.39	16.4 %	2.20
2011	20,052.25	25.2 %	10,326.07	17.6 %	5,083.46	20.7 %	6.60
Q1 2012	5,008.63	11.7 %	2,613.09	14.2 %	1,207.45	21.0 %	1.57
Q2 2012	5,678.49	10.8 %	2,955.86	19.3 %	1,421.26	22.1 %	1.85
Q3 2012	6,183.15	33.3 %	2,986.06	20.8 %	1,511.41	23.5 %	1.96
Q4 2012	6,715.03	15.7 %	3,421.97	10.9 %	1,877.54	10.6 %	2.44
2012	23,585.30	17.6 %	11,976.97	16.0 %	6,017.65	18.4 %	7.82
Q1 2013	5,593.04	11.7 %	2,693.80	3.1 %	1,339.64	10.9 %	1.74
Q2 2013	5,960.05	5.0 %	2,975.14	0.7 %	1,611.04	13.4 %	2.09
Q3 2013	4,883.46	(21.0 %)	3,292.03	10.2 %	1,631.94	8.0 %	2.12
Q4 2013	4,087.12	(39.1 %)	2,589.22	(24.3 %)	447.60	(76.2 %)	0.58
2013	18,102.67	(23.2 %)	11,206.67	(6.4 %)	4,691.91	(22.0 %)	6.09

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	-	-	-	-	-	-	-
2005	1,661.74	-	694.50	-	(1167.38)	-	(1.68)
2006	6,183.24	272.1 %	3,522.05	407.1 %	700.36	160.0 %	1.01
2007	8,440.43	36.5 %	4,648.24	32.0 %	1,379.55	97.0 %	1.98
2008	10,794.54	27.9 %	6,021.05	29.5 %	2,091.78	51.6 %	2.72
2009	13,058.26	21.0 %	7,546.55	25.3 %	3,013.87	44.1 %	3.91
2010	16,013.14	22.6 %	8,783.42	16.4 %	4,211.48	39.7 %	5.47
2011	20,052.25	25.2 %	10,326.07	17.6 %	5,083.46	20.7 %	6.60
2012	23,585.30	17.6 %	11,976.97	16.0 %	6,017.65	18.4 %	7.82
2013	18,102.67	(23.2 %)	11,206.67	(6.4 %)	4,691.91	(22.0 %)	6.09

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	-	-	-
Q2 2004	-	-	-
Q3 2004	-	-	-
Q4 2004	-	-	-
2004	-	-	-
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	41.79 %	(6.79 %)	(70.25 %)
2005	41.79 %	(6.79 %)	(70.25 %)
Q1 2006	46.68 %	14.82 %	(25.73 %)
Q2 2006	50.25 %	23.95 %	(4.29 %)
Q3 2006	52.59 %	27.49 %	3.82 %
Q4 2006	56.96 %	32.35 %	11.33 %
2006	56.96 %	32.35 %	11.33 %
Q1 2007	56.28 %	32.91 %	13.18 %
Q2 2007	56.06 %	33.32 %	14.66 %
Q3 2007	55.86 %	33.53 %	15.07 %
Q4 2007	55.07 %	34.91 %	16.34 %
2007	55.07 %	34.91 %	16.34 %
Q1 2008	55.06 %	34.49 %	16.40 %
Q2 2008	55.25 %	34.50 %	17.04 %
Q3 2008	55.24 %	34.64 %	18.11 %
Q4 2008	55.78 %	35.15 %	19.38 %
2008	55.78 %	35.15 %	19.38 %
Q1 2009	56.78 %	35.20 %	19.88 %
Q2 2009	57.18 %	35.61 %	20.68 %
Q3 2009	57.40 %	36.11 %	21.69 %
Q4 2009	57.79 %	37.04 %	23.08 %
2009	57.79 %	37.04 %	23.08 %
Q1 2010	56.09 %	36.94 %	23.48 %
Q2 2010	54.77 %	36.75 %	23.79 %
Q3 2010	55.21 %	38.04 %	25.23 %
Q4 2010	54.85 %	38.50 %	26.30 %
2010	54.85 %	38.50 %	26.30 %
Q1 2011	54.65 %	38.01 %	26.58 %
Q2 2011	53.40 %	38.37 %	26.33 %
Q3 2011	52.41 %	37.91 %	25.88 %
Q4 2011	51.50 %	37.17 %	25.35 %
2011	51.50 %	37.17 %	25.35 %
Q1 2012	51.76 %	38.00 %	25.72 %
Q2 2012	52.67 %	37.71 %	26.27 %
Q3 2012	51.35 %	36.85 %	25.75 %
Q4 2012	50.78 %	36.18 %	25.51 %
2012	50.78 %	36.18 %	25.51 %
Q1 2013	49.89 %	35.84 %	25.44 %
Q2 2013	49.39 %	36.50 %	25.93 %
Q3 2013	53.49 %	39.23 %	27.90 %
Q4 2013	56.28 %	38.02 %	24.51 %
2013	61.91 %	41.24 %	25.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	41.79 %	(6.79 %)	(70.25 %)
2006	56.96 %	32.35 %	11.33 %
2007	55.07 %	34.91 %	16.34 %
2008	55.78 %	35.15 %	19.38 %
2009	57.79 %	37.04 %	23.08 %
2010	54.85 %	38.50 %	26.30 %
2011	51.50 %	37.17 %	25.35 %
2012	50.78 %	36.18 %	25.51 %
2013	61.91 %	41.24 %	25.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	-	-	-
Q2 2004	-	-	-
Q3 2004	-	-	-
Q4 2004	-	-	-
Q1 2005	-	-	-
Q2 2005	6.05 %	(234.60 %)	(722.02 %)
Q3 2005	45.90 %	17.21 %	(29.24 %)
Q4 2005	41.56 %	11.71 %	(16.12 %)
Q1 2006	53.90 %	29.42 %	3.33 %
Q2 2006	55.34 %	31.08 %	8.01 %
Q3 2006	56.10 %	32.74 %	12.72 %
Q4 2006	60.78 %	34.71 %	17.35 %
Q1 2007	52.61 %	32.66 %	13.35 %
Q2 2007	54.79 %	33.12 %	14.98 %
Q3 2007	55.35 %	33.64 %	14.62 %
Q4 2007	56.98 %	39.29 %	21.34 %
Q1 2008	53.02 %	31.47 %	14.13 %
Q2 2008	55.55 %	33.42 %	17.63 %
Q3 2008	55.29 %	34.34 %	19.04 %
Q4 2008	58.46 %	40.04 %	25.02 %
Q1 2009	57.52 %	32.32 %	17.08 %
Q2 2009	57.30 %	35.32 %	21.10 %
Q3 2009	56.45 %	36.39 %	22.98 %
Q4 2009	59.78 %	42.99 %	29.74 %
Q1 2010	51.02 %	32.94 %	19.94 %
Q2 2010	52.21 %	34.94 %	22.68 %
Q3 2010	57.91 %	41.33 %	28.52 %
Q4 2010	57.54 %	43.58 %	32.63 %
Q1 2011	51.05 %	32.23 %	22.26 %
Q2 2011	48.33 %	36.90 %	22.71 %
Q3 2011	53.29 %	39.07 %	26.38 %
Q4 2011	53.21 %	39.72 %	29.26 %
Q1 2012	52.17 %	36.15 %	24.11 %
Q2 2012	52.05 %	35.92 %	25.03 %
Q3 2012	48.29 %	35.58 %	24.44 %
Q4 2012	50.96 %	36.99 %	27.96 %
Q1 2013	48.16 %	34.68 %	23.95 %
Q2 2013	49.92 %	38.59 %	27.03 %
Q3 2013	67.41 %	48.31 %	33.42 %
Q4 2013	63.35 %	29.45 %	10.95 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2004	-	-	-	-
Q2 2004	-	-	-	-
Q3 2004	-	-	-	-
Q4 2004	-	-	-	-
Q1 2005	696.67	-	-	6.58
Q2 2005	696.67	-	-	5.98
Q3 2005	696.67	-	-	5.74
Q4 2005	696.67	(1.68)	(1.68)	5.50
Q1 2006	696.67	(1.03)	(1.03)	5.56
Q2 2006	696.67	(0.26)	(0.26)	5.72
Q3 2006	696.67	0.29	0.29	6.03
Q4 2006	696.67	1.01	1.01	6.51
Q1 2007	696.67	1.31	1.31	6.87
Q2 2007	696.67	1.58	1.58	7.30
Q3 2007	696.67	1.72	1.72	7.75
Q4 2007	696.67	1.98	1.98	8.49
Q1 2008	696.67	2.09	2.09	8.60
Q2 2008	696.67	2.30	2.30	9.24
Q3 2008	696.67	2.62	2.62	10.01
Q4 2008	770.00	2.72	2.72	12.67
Q1 2009	770.00	2.92	2.92	12.61
Q2 2009	770.00	3.21	3.21	13.49
Q3 2009	770.00	3.56	3.56	14.53
Q4 2009	770.00	3.91	3.91	15.90
Q1 2010	770.00	4.22	4.22	15.69
Q2 2010	770.00	4.51	4.51	16.86
Q3 2010	770.00	4.94	4.94	18.34
Q4 2010	770.00	5.47	5.47	20.23
Q1 2011	770.00	5.84	5.84	19.71
Q2 2011	770.00	6.18	6.18	21.22
Q3 2011	770.00	6.29	6.29	21.68
Q4 2011	770.00	6.60	6.60	23.88
Q1 2012	770.00	6.87	6.87	23.63
Q2 2012	770.00	7.21	7.21	24.57
Q3 2012	770.00	7.58	7.58	25.62
Q4 2012	770.00	7.82	7.82	27.15
Q1 2013	770.00	7.99	7.99	27.74
Q2 2013	770.00	8.23	8.23	28.68
Q3 2013	770.00	8.39	8.39	29.16
Q4 2013	770.00	6.53	6.53	27.42

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	696.67	(1.68)	(1.68)	5.50
2006	696.67	1.01	1.01	6.51
2007	696.67	1.98	1.98	8.49
2008	770.00	2.72	2.72	12.67
2009	770.00	3.91	3.91	15.90
2010	770.00	5.47	5.47	20.23
2011	770.00	6.60	6.60	23.88
2012	770.00	7.82	7.82	27.15
2013	770.00	6.09	6.09	27.42

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2004	-	-	-
Q2 2004	-	-	-
Q3 2004	-	-	-
Q4 2004	-	-	-
Q1 2005	-	-	11.84
Q2 2005	-	-	17.14
Q3 2005	-	-	17.15
Q4 2005	NEG	NEG	20.19
Q1 2006	NEG	NEG	17.54
Q2 2006	NEG	NEG	12.06
Q3 2006	More than 50	More than 50	9.83
Q4 2006	41.03	41.03	6.34
Q1 2007	29.65	29.65	5.66
Q2 2007	24.09	24.09	5.21
Q3 2007	30.76	30.76	6.81
Q4 2007	29.44	29.44	6.87
Q1 2008	22.13	22.13	5.38
Q2 2008	18.49	18.49	4.59
Q3 2008	13.67	13.67	3.58
Q4 2008	10.37	10.37	2.22
Q1 2009	10.75	10.75	2.49
Q2 2009	9.94	9.94	2.37
Q3 2009	10.63	10.63	2.60
Q4 2009	10.08	10.08	2.48
Q1 2010	10.83	10.83	2.91
Q2 2010	9.65	9.65	2.58
Q3 2010	9.80	9.80	2.64
Q4 2010	9.18	9.18	2.48
Q1 2011	8.02	8.02	2.38
Q2 2011	7.72	7.72	2.25
Q3 2011	7.66	7.66	2.22
Q4 2011	7.23	7.23	2.00
Q1 2012	8.66	8.66	2.52
Q2 2012	7.92	7.92	2.32
Q3 2012	8.12	8.12	2.40
Q4 2012	8.84	8.84	2.54
Q1 2013	10.24	10.24	2.95
Q2 2013	9.84	9.84	2.82
Q3 2013	10.10	10.10	2.91
Q4 2013	13.09	13.09	3.12

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	NEG	NEG	20.19
2006	41.03	41.03	6.34
2007	29.44	29.44	6.87
2008	10.37	10.37	2.22
2009	10.08	10.08	2.48
2010	9.18	9.18	2.48
2011	7.23	7.23	2.00
2012	8.84	8.84	2.54
2013	14.03	14.03	3.12

Financial Ratios

	Current
Market Cap (M Riyal)	39,424.00
Enterprise Value (EV) (M)	42,749.96
Shares Outstanding ((M))	770.00
EPS ( Riyal) (TTM)	3.12
Book Value (BV) ( Riyal)	23.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	15.98
P/E (TTM)	16.39
Price/book	2.16
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	13.7

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Etihad Etisalat posts higher net profit at SAR 6677m for 2013

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Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Etihad Etisalat posts higher net profit at SAR 6677m for 2013

View other reports

Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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