Mobily swings to SAR 353 mln loss in H1

23/07/2017 Argaam Exclusive

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Etihad Etisalat Co. (ETIHAD ETISALAT)

Etihad Etisalat Co. (Mobily), the second biggest mobile phone operator in Saudi Arabia, reported a net loss of SAR 352.8 million in the first half of 2017, versus net profit of SAR 22.9 million in H1 2016.

The swing to loss was attributed to a 15 percent slump in revenue due to an erosion of subscriber base due to the fingerprinting process and the drop in interconnection rates.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	6,729.16	5,718.89	(15.0 %)
Gross Income	4,012.65	3,298.11	(17.8 %)
Operating Income	288.19	128.25	(55.5 %)
Net Income	22.92	(352.76)	(1639.4 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	0.03	(0.46)	(1639.4 %)

The telecom operator incurred net losses of SAR 189.7 million for the second quarter versus net profit of SAR 3.2 million in the year-earlier period, due to a 13 percent drop YoY in revenue to SAR 2.9 billion on lower subscriber base and pressure on sales. Also, gross profit fell 21.8 percent to SAR 1.6 billion on higher cost of goods sold (COGS).

When compared to the previous quarter, loss for the quarter widened 16.3 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	3,288.88	2,853.83	(13.2 %)
Gross Income	2,087.68	1,633.29	(21.8 %)
Operating Income	147.90	40.68	(72.5 %)
Net Income	3.18	(189.66)	(6069.6 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	0.00	(0.25)	(6069.6 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	2,865.06	2,853.83	(0.4 %)
Gross Income	1,664.83	1,633.29	(1.9 %)
Operating Income	87.56	40.68	(53.5 %)
Net Income	(163.10)	(189.66)	(16.3 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	(0.21)	(0.25)	(16.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
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)
2016	12,569.40	(12.9 %)	7,425.29	(6.7 %)	(213.64)	80.5 %	(0.28)
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)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
2016	12,569.40	(12.9 %)	7,425.29	(6.7 %)	(213.64)	80.5 %	(0.28)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
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 %)
2016	59.07 %	31.96 %	(2.62 %)
Q1 2017	59.74 %	32.37 %	(3.92 %)
Q2 2017	58.06 %	30.55 %	(5.74 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2016	59.07 %	31.96 %	(2.62 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2016	55.95 %	32.52 %	0.57 %
Q2 2016	63.48 %	34.48 %	0.10 %
Q3 2016	59.39 %	27.65 %	(9.63 %)
Q4 2016	57.47 %	32.79 %	(2.41 %)
Q1 2017	58.11 %	34.35 %	(4.23 %)
Q2 2017	57.23 %	27.42 %	(6.65 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2016	770.00	(0.28)	(0.43)	19.42

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2016	NEG	NEG	1.24

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

Period	Consumer revenues	Business revenues	Wholesale revenues	Outsourcing revenues
2016	10,449.73	1,357.51	696.57	65.59

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	(151.93)	(189.66)	(24.8 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
Albilad Capital	(178.00)	(189.66)	(6.5) %
Riyad Capital	(176.00)	(189.66)	(7.8) %
Sico	(173.00)	(189.66)	(9.6) %
Hermes	(171.00)	(189.66)	(10.9) %
AlJazira Capital	(170.40)	(189.66)	(11.3) %
HSBC	(166.00)	(189.66)	(14.3) %
SNB Capital	(150.00)	(189.66)	(26.4) %
Al Rajhi Capital	(145.00)	(189.66)	(30.8) %
FAB Securities	(38.00)	(189.66)	(399.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	39,501.00
Enterprise Value (EV) (M)	42,826.96
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)	16.02
P/E (TTM)	16.43
Price/book	2.16
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	13.7

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Mobily swings to SAR 353 mln loss in H1

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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

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Mobily swings to SAR 353 mln loss in H1

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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

Business Segments (Million) Q2 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)