Logo of Etihad Etisalat Co. (Mobily)
In this report, Argaam analysis shows that Etihad Etisalat Co. (Mobily) topped the list of companies with the highest growth in the previous three years, ending in March 2023.
Mobily recorded comparative profitability growth for 12 of the 12 quarters included in this period, hitting the highest level among TASI-listed companies.
The company also achieved during the period an 11% compound growth in profit, bringing the total growth earnings per share to more than 1,200%.
The leap was mainly driven by the continued growth of the operating segments’ financial performance, increased number of subscribers, continued enhancement of business segment presence and expansion of the fiber optic network.
The business segment’s revenue reached SAR 811.9 million, a 29% increase year-on-year (YoY), as a result of the company's focus on expanding the business unit.
Meanwhile, the outsourcing segment’s revenue, including revenue generated from providing services to a third party in exchange for an agreed amount of money, hit a record level at SAR 111.2 million, up 50% YoY.
Moreover, the retail division’s revenue grew from SAR 2.74 billion in Q1 2022 to SAR 2.76 billion in Q1 2023.
Revenue from the wholesale segment stabilized at SAR 367.1 million in Q1 2023.
|
Revenue by Operating Segment (SAR mln) |
|||||
|
Segment |
2022 |
2023 |
|||
|
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
|
|
Consumer |
2741.9 |
2741.7 |
2674.2 |
2719.8 |
2761.0 |
|
Business |
627.9 |
699.8 |
671.5 |
955.5 |
811.9 |
|
Wholesale |
367.1 |
375.4 |
393.8 |
357.4 |
367.1 |
|
Outsourcing |
74.1 |
81.9 |
88.2 |
98.8 |
111.2 |
|
Total |
3811.0 |
3898.8 |
3827.6 |
4131.5 |
4051.2 |
As a result, the company continued to achieve a rise in net income and profit, exceeding average expectations, to stand at SAR 464.9 million during the first quarter of 2023.
|
Statement of Income (SAR mln) |
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|
Item |
2022 |
2023 |
|||
|
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
|
|
Revenue |
3811.0 |
3898.8 |
3827.6 |
4131.5 |
4051.2 |
|
Gross Profit Margin (%) |
58.7% |
59.8% |
60.1% |
60.3% |
56.9% |
|
Operation Income |
460.5 |
512.2 |
524.0 |
813.3 |
627.0 |
|
Net Income |
319.0 |
359.5 |
372.5 |
605.9 |
464.9 |
During the previous three years, the business segment’s revenue rose to SAR 2.95 billion by the end of 2022, achieving the highest compound growth rate among the main operating segments at 21%.
Meanwhile, the wholesale division’s revenue achieved a compound growth rate of about 11% at SAR 1.49 billion, followed by the consumer segment at SAR 10.87 billion.
|
Revenue by Operating Segments since 2020 (SAR mln) |
||||
|
Segment |
2020 |
2021 |
2022 |
Compound Growth Rate |
|
Consumer |
10601 |
10776 |
10878 |
1% |
|
Business |
2022 |
2581 |
2955 |
21% |
|
Wholesale |
1220 |
1243 |
1494 |
11% |
|
Outsourcing |
203 |
234 |
343 |
30% |
|
Total |
14046 |
14834 |
15669 |
6% |
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