Mobily swings to profit in Q415

21/01/2016 Argaam Exclusive

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Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Etihad Etisalat Co. (Mobily), the kingdom’s second largest mobile operator, reduced its net losses by 30.7 percent year-on-year (YoY) to SAR 1.1 billion for fiscal year 2015, mainly due to a significant rise in earnings before interest, taxes, zakat, depreciation and amortization (EBITDA).

The telco had posted SAR 1.58 billion in net losses a year earlier.

Financials (M)

Item	2014	2015	Change‬
Revenues	14,004.01	14,424.13	3.0 %
Gross Income	6,778.54	7,958.09	17.4 %
Operating Income	(64.64)	144.08	322.9 %
Net Income	(1575.81)	(1093.13)	30.6 %
Average Shares	770.00	770.00	-
EPS (Riyals)	(2.05)	(1.42)	30.6 %

Mobily turned to a net profit of SAR 11 million in Q415 compared to a net loss of SAR 2.1 billion in the same period of 2014, thanks to lower operating expenses. The company also said it offset negative impact from non-recurring adjustments that led to an SAR 1.6 million cut in gross profit made in Q414.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	2,722.09	3,487.65	28.1 %
Gross Income	530.71	2,133.98	302.1 %
Operating Income	(665.86)	161.14	124.2 %
Net Income	(2108.45)	10.59	100.5 %
Average Shares	770.00	770.00	-
EPS (Riyals)	(2.74)	0.01	100.5 %

Item	Q3 2015	Q4 2015	Change‬
Revenues	3,700.08	3,487.65	(5.7 %)
Gross Income	2,025.03	2,133.98	5.4 %
Operating Income	(50.04)	161.14	422.0 %
Net Income	(158.29)	10.59	106.7 %
Average Shares	770.00	770.00	-
EPS (Riyals)	(0.21)	0.01	106.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2014	3,853.06	(31.1 %)	2,163.70	(19.7 %)	310.69	(76.8 %)	0.40
Q2 2014	3,568.53	(40.1 %)	1,901.79	(36.1 %)	92.50	(94.3 %)	0.12
Q3 2014	3,859.86	(21.0 %)	2,182.85	(33.7 %)	129.46	(92.1 %)	0.17
Q4 2014	2,722.09	(33.4 %)	530.71	(79.5 %)	(2108.45)	(571.1 %)	(2.74)
2014	14,004.01	(22.6 %)	6,778.54	(39.5 %)	(1575.81)	(133.6 %)	(2.05)
Q1 2015	3,680.13	(4.5 %)	1,917.62	(11.4 %)	(44.52)	(114.3 %)	(0.06)
Q2 2015	3,556.26	(0.3 %)	1,881.45	(1.1 %)	(900.91)	(1074.0 %)	(1.17)
Q3 2015	3,700.08	(4.1 %)	2,025.03	(7.2 %)	(158.29)	(222.3 %)	(0.21)
Q4 2015	3,487.65	28.1 %	2,133.98	302.1 %	10.59	100.5 %	0.01
2015	14,424.13	3.0 %	7,958.09	17.4 %	(1093.13)	30.6 %	(1.42)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	14,004.01	(22.6 %)	6,778.54	(39.5 %)	(1575.81)	(133.6 %)	(2.05)
2015	14,424.13	3.0 %	7,958.09	17.4 %	(1093.13)	30.6 %	(1.42)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2014	58.67 %	37.38 %	21.30 %
Q2 2014	60.68 %	35.19 %	15.15 %
Q3 2014	57.50 %	28.75 %	6.38 %
Q4 2014	48.41 %	24.77 %	(2.08 %)
2014	48.40 %	24.77 %	(2.08 %)
Q1 2015	47.24 %	23.57 %	(4.54 %)
Q2 2015	47.13 %	22.22 %	(6.07 %)
Q3 2015	46.53 %	21.11 %	(8.25 %)
Q4 2015	55.17 %	26.13 %	(1.84 %)
2015	55.17 %	26.13 %	(1.84 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	48.40 %	24.77 %	(2.08 %)
2015	55.17 %	26.13 %	(1.84 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2014	56.16 %	30.06 %	8.06 %
Q2 2014	53.29 %	29.36 %	2.59 %
Q3 2014	56.55 %	26.11 %	3.35 %
Q4 2014	19.50 %	9.34 %	(30.25 %)
Q1 2015	52.11 %	25.80 %	(0.72 %)
Q2 2015	52.91 %	24.14 %	(3.34 %)
Q3 2015	54.73 %	22.18 %	(4.28 %)
Q4 2015	61.19 %	32.70 %	1.11 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2014	770.00	5.20	5.20	26.58
Q2 2014	770.00	3.22	3.22	25.45
Q3 2014	770.00	1.27	1.27	24.36
Q4 2014	770.00	(2.05)	(0.38)	21.63
Q1 2015	770.00	(2.51)	(0.82)	21.57
Q2 2015	770.00	(3.80)	(1.09)	20.40
Q3 2015	770.00	(4.17)	(1.46)	20.19
Q4 2015	770.00	(1.42)	(0.34)	20.21

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	770.00	(2.05)	(0.38)	21.63
2015	770.00	(1.42)	(0.34)	20.21

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2014	17.85	17.85	3.49
Q2 2014	25.37	25.37	3.21
Q3 2014	More than 50	More than 50	3.70
Q4 2014	NEG	NEG	2.03
Q1 2015	NEG	NEG	1.77
Q2 2015	NEG	NEG	1.66
Q3 2015	NEG	NEG	1.38
Q4 2015	NEG	NEG	1.40

Period	P/E	Adjusted P/E	Price/book
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
2014	NEG	NEG	2.03
2015	NEG	NEG	1.40

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	3,798.70	10.59	(99.7 %)

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
OSOOL AND BAKHEET	125.10	10.59	(91.5) %
SNB Capital	271.00	10.59	(96.1) %
Al Rajhi Capital	11,000.00	10.59	(99.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	39,270.00
Enterprise Value (EV) (M)	43,798.25
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)	15.92
P/E (TTM)	16.33
Price/book	2.15
Return on Average Assets (%) (TTM)	6.1
Return on Average Equity (%) (TTM)	13.7

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Mobily swings to profit in Q415

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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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Mobily swings to profit in Q415

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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