Mobily net profit rises 49% to SAR 470 mln in H1 2021

25/07/2021 Argaam Exclusive

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Share Price

51.30
0.30 0.59 %

Etihad Etisalat Co. (ETIHAD ETISALAT)

Etihad Etisalat Co. (Mobily) reported net profit after Zakat and tax of SAR 470 million for the first half of 2021, an increase of 49% year-on-year (YoY), driven by the growth in business unit revenues and Fibre-to-the-Home (FTTH) active base.

 

The Saudi telecom operator also cited higher gross profit and increased EBITDA.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 7,158.40 7,330.52 2.4 %
Gross Income 4,127.39 4,218.61 2.2 %
Operating Income 712.01 740.26 4.0 %
Net Income 315.45 469.67 48.9 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.41 0.61 48.9 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 3,558.78 3,727.84 4.8 %
Gross Income 2,061.99 2,147.05 4.1 %
Operating Income 372.97 378.72 1.5 %
Net Income 185.17 243.80 31.7 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.24 0.32 31.7 %

The second-quarter net profit after Zakat and tax stood at SAR 244 million, up 32%, from SAR 185 million in the year-earlier period, backed by 4.75% revenue growth YoY, an increase of 4.13% YoY in gross profit, in addition to higher EBITDA.

 

On a sequential basis, net profit rose by 7.96%.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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)
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
Q1 2016 3,440.28 (6.5 %) 1,924.97 0.4 % 19.74 144.3 % 0.03
Q2 2016 3,288.88 (7.5 %) 2,087.68 11.0 % 3.18 100.4 % 0.00
Q3 2016 2,931.84 (20.8 %) 1,741.18 (14.0 %) (166.33) (5.1 %) (0.22)
Q4 2016 2,908.40 (16.6 %) 1,671.45 (21.7 %) (70.22) (763.1 %) (0.09)
Q1 2017 2,865.06 (16.7 %) 1,664.83 (13.5 %) (163.10) (926.3 %) (0.21)
Q2 2017 2,853.83 (13.2 %) 1,633.29 (21.8 %) (189.66) (6069.6 %) (0.25)
Q3 2017 2,805.75 (4.3 %) 1,672.02 (4.0 %) (174.46) (4.9 %) (0.23)
Q4 2017 2,826.66 (2.8 %) 1,560.17 (6.7 %) (181.72) (158.8 %) (0.24)
Q1 2018 2,832.51 (1.1 %) 1,662.77 (0.1 %) (93.41) 42.7 % (0.12)
Q2 2018 2,894.72 1.4 % 1,774.90 8.7 % (78.63) 58.5 % (0.10)
Q3 2018 2,976.07 6.1 % 1,758.40 5.2 % (30.92) 82.3 % (0.04)
Q4 2018 3,161.62 11.9 % 1,386.14 (11.2 %) 80.29 144.2 % 0.10
Q1 2019 3,200.96 13.0 % 1,838.71 10.6 % 67.25 172.0 % 0.09
Q2 2019 3,330.92 15.1 % 1,956.30 10.2 % 37.77 148.0 % 0.05
Q3 2019 3,403.71 14.4 % 2,015.36 14.6 % 51.06 265.1 % 0.07
Q4 2019 3,514.39 11.2 % 1,989.62 43.5 % (124.89) (255.6 %) (0.16)
Q1 2020 3,599.62 12.5 % 2,065.40 12.3 % 130.28 93.7 % 0.17
Q2 2020 3,558.78 6.8 % 2,061.99 5.4 % 185.17 390.2 % 0.24
Q3 2020 3,355.01 (1.4 %) 2,055.93 2.0 % 221.87 334.6 % 0.29
Q4 2020 3,532.76 0.5 % 1,969.09 (1.0 %) 245.94 296.9 % 0.32
Q1 2021 3,602.68 0.1 % 2,071.56 0.3 % 225.87 73.4 % 0.29
Q2 2021 3,727.84 4.8 % 2,147.05 4.1 % 243.80 31.7 % 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %)
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 %)
Q1 2016 56.16 % 27.77 % (1.54 %)
Q2 2016 58.72 % 30.28 % (0.70 %)
Q3 2016 59.99 % 31.97 % (1.68 %)
Q4 2016 59.07 % 31.96 % (2.62 %)
Q1 2017 59.74 % 32.37 % (3.92 %)
Q2 2017 58.06 % 30.55 % (5.74 %)
Q3 2017 58.09 % 33.90 % (4.86 %)
Q4 2017 57.53 % 33.88 % (5.88 %)
Q1 2018 57.68 % 34.38 % (5.65 %)
Q2 2018 58.72 % 35.42 % (4.65 %)
Q3 2018 58.60 % 36.33 % (2.61 %)
Q4 2018 55.48 % 33.91 % (4.46 %)
Q1 2019 55.24 % 34.61 % (2.79 %)
Q2 2019 54.77 % 36.27 % (1.66 %)
Q3 2019 54.95 % 35.01 % (1.45 %)
Q4 2019 57.99 % 37.28 % 0.70 %
Q1 2020 57.96 % 36.85 % 0.94 %
Q2 2020 57.77 % 36.85 % 1.87 %
Q3 2020 58.26 % 37.28 % 2.94 %
Q4 2020 58.04 % 38.12 % 5.58 %
Q1 2021 58.07 % 38.32 % 6.26 %
Q2 2021 57.98 % 37.72 % 6.59 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 770.00 (1.34) (0.28) 19.73
Q2 2016 770.00 (0.16) (0.13) 19.73
Q3 2016 770.00 (0.17) (0.29) 19.52
Q4 2016 770.00 (0.28) (0.43) 19.42
Q1 2017 770.00 (0.51) (0.61) 19.22
Q2 2017 770.00 (0.77) (0.86) 18.97
Q3 2017 770.00 (0.78) (0.72) 18.75
Q4 2017 770.00 (0.92) (0.87) 18.51
Q1 2018 770.00 (0.83) (0.83) 18.11
Q2 2018 770.00 (0.69) (0.69) 17.98
Q3 2018 770.00 (0.50) (0.39) 17.93
Q4 2018 770.00 (0.16) (0.69) 18.01
Q1 2019 770.00 0.05 (0.44) 17.94
Q2 2019 770.00 0.20 (0.27) 17.97
Q3 2019 770.00 0.31 (0.25) 18.02
Q4 2019 770.00 0.04 0.12 17.86
Q1 2020 770.00 0.12 0.17 18.00
Q2 2020 770.00 0.31 0.34 18.21
Q3 2020 770.00 0.54 0.54 18.52
Q4 2020 770.00 1.02 1.02 18.76
Q1 2021 770.00 1.14 1.14 19.06
Q2 2021 770.00 1.22 1.22 18.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 NEG NEG 1.49
Q2 2016 NEG NEG 1.39
Q3 2016 NEG NEG 0.96
Q4 2016 NEG NEG 1.24
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.08
Q3 2017 NEG NEG 0.93
Q4 2017 NEG NEG 0.80
Q1 2018 NEG NEG 0.84
Q2 2018 NEG NEG 1.09
Q3 2018 NEG NEG 1.07
Q4 2018 NEG NEG 0.92
Q1 2019 More than 50 NEG 1.21
Q2 2019 More than 50 NEG 1.36
Q3 2019 More than 50 NEG 1.34
Q4 2019 More than 50 More than 50 1.40
Q1 2020 More than 50 More than 50 1.20
Q2 2020 More than 50 More than 50 1.46
Q3 2020 More than 50 More than 50 1.54
Q4 2020 28.17 28.17 1.53
Q1 2021 25.89 25.89 1.55
Q2 2021 27.23 27.23 1.76

Business Segments (Million)

Compared With The
Period Consumer revenues Business revenues Wholesale revenues Outsourcing revenues
Q1 2016 2,905.06 326.39 193.99 14.83
Q2 2016 2,692.57 401.74 177.26 17.32
Q3 2016 2,420.53 327.20 168.43 15.67
Q4 2016 2,431.57 302.17 156.88 17.78
Q1 2017 2,393.89 305.26 147.21 18.70
Q2 2017 2,352.58 306.60 170.72 23.93
Q3 2017 2,301.05 291.18 190.42 23.10
Q4 2017 2,412.37 221.58 168.63 24.08
Q1 2018 2,327.43 311.53 167.46 26.10
Q2 2018 2,349.18 322.29 194.02 29.23
Q3 2018 2,360.77 340.77 240.49 34.04
Q4 2018 2,546.71 363.69 214.29 36.90
Q1 2019 2,526.02 367.74 266.72 40.49
Q2 2019 2,625.28 402.33 258.98 44.32
Q3 2019 2,614.08 454.71 289.17 45.76
Q4 2019 2,793.93 382.45 288.16 49.85
Q1 2020 2,756.69 472.95 318.35 51.63
Q2 2020 2,631.35 569.61 307.57 50.24
Q3 2020 2,515.82 473.22 314.99 50.97
Q4 2020 2,697.24 505.84 279.47 50.22
Q1 2021 2,694.80 577.46 276.56 53.86
Q2 2021 2,721.06 661.14 291.64 54.01

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 253.23 243.80 (3.7 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
AlJazira Capital 245.90 243.80 (0.9) %
SNB Capital 254.00 243.80 (4.0) %
Al Rajhi Capital 255.00 243.80 (4.4) %
Riyad Capital 258.00 243.80 (5.5) %

Current
Market Cap (M Riyal) 39,424.00
Enterprise Value (EV) (M) 43,952.25
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) 15.98
P/E (TTM) 16.39
Price/book 2.16
Return on Average Assets (%) (TTM) 6.1
Return on Average Equity (%) (TTM) 13.7

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