Mobily shrinks H1 losses by 51% on lower cost of sales, higher revenue

Argaam Report: Last Updated Date (12/08/2018)

Etihad Etisalat Co. (Mobily) trimmed losses by 51.23 percent year-on-year (YoY) to SAR 172 million for the first half of 2018, driven by higher revenue and lower cost of sales on reduced termination rates. The telco also cited a 0.14 percent rise in H1 revenue despite market challenges.

Financials Highlights (M)

Item 6m-2017 6m -2018 Change‬
Revenues 5,718.89 5,727.00 0.1 %
Gross Income 3,298.11 3,438.00 4.2 %
Operating Income 7.25 228.00 3044.8 %
Net Income (352.76) (172.03) 51.2 %
Average Shares 770.00 770.00 -
EPS (Riyal) (0.46) (0.22) 51.2 %

Mobily narrowed losses by 58.54 percent YoY at SAR 78.6 million in Q2 due to higher gross profit, increased revenue and lower cost of sales.

 

On a quarter-on-quarter basis, Mobily narrowed losses by 15.85 percent in Q2. 

Historical Performance (M)

Period Revenues Gross Income Net Income EPS (Riyal) Earnings Growth
2018 11,864.91 6,582.20 (122.67) (0.16) 82.70 %
2018 - Q4 3,162.00 1,386.00 80.29 0.10 144.18 %
2018 - Q3 2,976.07 1,758.40 (30.92) (0.04) 82.28 %
2018 - Q2 2,895.00 1,775.00 (78.63) (0.10) 58.54 %
2018 - Q1 2,832.51 1,662.77 (93.41) (0.12) 42.73 %
2017 - Q4 2,826.66 1,560.17 (181.72) (0.24) (158.78 %)
2017 - Q3 2,805.75 1,672.02 (174.46) (0.23) (4.89 %)
2017 - Q2 2,853.83 1,633.29 (189.66) (0.25) (6069.63 %)
2017 - Q1 2,865.06 1,664.83 (163.10) (0.21) (926.34 %)
2016 - Q4 2,908.40 1,671.45 (70.22) (0.09) (763.10 %)
2016 - Q3 2,931.84 1,741.18 (166.33) (0.22) (5.08 %)
2016 - Q2 3,288.88 2,087.68 3.18 0.00 100.35 %
2016 - Q1 3,440.28 1,924.97 19.74 0.03 144.33 %
2015 - Q4 3,487.65 2,133.98 10.59 0.01 100.50 %
2015 - Q3 3,700.08 2,025.03 (158.29) (0.21) (222.27 %)
2015 - Q2 3,556.26 1,881.45 (900.91) (1.17) (1073.99 %)
2015 - Q1 3,680.13 1,917.62 (44.52) (0.06) (114.33 %)
2014 - Q4 2,722.09 530.71 (2108.45) (2.74) (571.06 %)
2014 - Q3 3,859.86 2,182.85 129.46 0.17 (92.07 %)
2014 - Q2 3,568.53 1,901.79 92.50 0.12 (94.26 %)
2014 - Q1 3,853.06 2,163.70 310.69 0.40 (76.81 %)
2013 - Q4 4,087.12 2,589.22 447.60 0.58 (76.16 %)
2013 - Q3 4,883.46 3,292.03 1,631.94 2.12 7.97 %
2013 - Q2 5,960.05 2,975.14 1,611.04 2.09 13.35 %
2013 - Q1 5,593.04 2,693.80 1,339.64 1.74 10.95 %
2012 - Q4 6,715.03 3,421.97 1,877.54 2.44 10.61 %
2012 - Q3 6,183.15 2,986.06 1,511.41 1.96 23.50 %
2012 - Q2 5,678.49 2,955.86 1,421.26 1.85 22.09 %
2012 - Q1 5,008.63 2,613.09 1,207.45 1.57 20.96 %
2011 - Q4 5,801.62 3,086.91 1,697.39 2.20 16.35 %
2011 - Q3 4,639.69 2,472.28 1,223.77 1.59 7.58 %
2011 - Q2 5,126.64 2,477.75 1,164.07 1.51 29.19 %
2011 - Q1 4,484.30 2,289.13 998.23 1.30 39.80 %
2010 - Q4 4,470.94 2,572.61 1,458.84 1.89 38.68 %
2010 - Q3 3,988.50 2,309.86 1,137.55 1.48 40.99 %
2010 - Q2 3,972.33 2,073.83 901.02 1.17 33.50 %
2010 - Q1 3,581.38 1,827.12 714.06 0.93 48.71 %
2009 - Q4 3,537.27 2,114.53 1,051.93 1.37 35.22 %
2009 - Q3 3,511.17 1,982.11 806.85 1.05 49.57 %
2009 - Q2 3,199.37 1,833.25 674.93 0.88 50.52 %
2009 - Q1 2,810.46 1,616.66 480.16 0.62 47.28 %

Business Segments - Revenues (M)

Period Consumer revenues Business revenues Wholesale revenues Outsourcing revenues
2018 - Q1 2,327.43 311.53 167.46 26.10
2018 - Q2 2,349.18 322.29 194.02 29.23
2018 - Q3 2,360.77 340.77 240.49 34.04
2018 - Q4 2,546.71 363.69 214.29 36.90
2018 9,584.10 1,338.26 816.26 126.26
more

Per Share Data (Riyal)

Period Shares Outstanding (M) EPS (TTM) EPS Before XO Items (TTM) Book Value (BV)
2018 - Q2 770.00 (0.69) (0.69) 17.98
2018 - Q1 770.00 (0.83) (0.83) 18.11
2017 - Q4 770.00 (0.92) (0.87) 18.51
2017 - Q3 770.00 (0.78) (0.72) 18.75
2017 - Q2 770.00 (0.77) (0.86) 18.97
2017 - Q1 770.00 (0.51) (0.61) 19.22
2016 - Q4 770.00 (0.28) (0.43) 19.42
2016 - Q3 770.00 (0.17) (0.29) 19.52
2016 - Q2 770.00 (0.16) (0.13) 19.73
2016 - Q1 770.00 (1.34) (0.28) 19.73
2015 - Q4 770.00 (1.42) (0.34) 20.21
2015 - Q3 770.00 (4.17) (1.46) 20.19
2015 - Q2 770.00 (3.80) (1.09) 20.40
2015 - Q1 770.00 (2.51) (0.82) 21.57
2014 - Q4 770.00 (2.05) (0.38) 21.63
2014 - Q3 770.00 1.27 1.27 24.36
2014 - Q2 770.00 3.22 3.22 25.45
2014 - Q1 770.00 5.20 5.20 26.58
2013 - Q4 770.00 6.53 6.53 27.42
2013 - Q3 770.00 8.39 8.39 29.16
2013 - Q2 770.00 8.23 8.23 28.68
2013 - Q1 770.00 7.99 7.99 27.74
2012 - Q4 770.00 7.82 7.82 27.15
2012 - Q3 770.00 7.58 7.58 25.62
2012 - Q2 770.00 7.21 7.21 24.57
2012 - Q1 770.00 6.87 6.87 23.63
2011 - Q4 770.00 6.60 6.60 23.88
2011 - Q3 770.00 6.29 6.29 21.68
2011 - Q2 770.00 6.18 6.18 21.22
2011 - Q1 770.00 5.84 5.84 19.71
2010 - Q4 770.00 5.47 5.47 20.23
2010 - Q3 770.00 4.94 4.94 18.34
2010 - Q2 770.00 4.51 4.51 16.86
2010 - Q1 770.00 4.22 4.22 15.69
2009 - Q4 770.00 3.91 3.91 15.90
2009 - Q3 770.00 3.56 3.56 14.53
2009 - Q2 770.00 3.21 3.21 13.49
2009 - Q1 770.00 2.92 2.92 12.61

Multiple Ratios (End of Period Price)

Period P/E (TTM) P/E Before Unusual Items (TTM) Price/book
2018 - Q2 NEG NEG 1.09
2018 - Q1 NEG NEG 0.84
2017 - Q4 NEG NEG 0.80
2017 - Q3 NEG NEG 0.93
2017 - Q2 NEG NEG 1.08
2017 - Q1 NEG NEG 1.17
2016 - Q4 NEG NEG 1.24
2016 - Q3 NEG NEG 0.96
2016 - Q2 NEG NEG 1.39
2016 - Q1 NEG NEG 1.49
2015 - Q4 NEG NEG 1.40
2015 - Q3 NEG NEG 1.38
2015 - Q2 NEG NEG 1.66
2015 - Q1 NEG NEG 1.77
2014 - Q4 NEG NEG 2.03
2014 - Q3 HIGH HIGH 3.70
2014 - Q2 25.37 25.37 3.21
2014 - Q1 17.85 17.85 3.49
2013 - Q4 13.09 13.09 3.12
2013 - Q3 10.10 10.10 2.91
2013 - Q2 9.84 9.84 2.82
2013 - Q1 10.24 10.24 2.95
2012 - Q4 8.84 8.84 2.54
2012 - Q3 8.12 8.12 2.40
2012 - Q2 7.92 7.92 2.32
2012 - Q1 8.66 8.66 2.52
2011 - Q4 7.23 7.23 2.00
2011 - Q3 7.66 7.66 2.22
2011 - Q2 7.72 7.72 2.25
2011 - Q1 8.02 8.02 2.38
2010 - Q4 9.18 9.18 2.48
2010 - Q3 9.80 9.80 2.64
2010 - Q2 9.65 9.65 2.58
2010 - Q1 10.83 10.83 2.91
2009 - Q4 10.08 10.08 2.48
2009 - Q3 10.63 10.63 2.60
2009 - Q2 9.94 9.94 2.37
2009 - Q1 10.75 10.75 2.49

Average Analysts Estimates

2018 - Q2 (e) 2018 - Q2 (a) Change
Average (113.68) (78.63) 30.8 %

Estimates vs Actual Results

Company 2018 - Q2 (e) 2018 - Q2 (a) Difference
Riyad Capital (90.00) (78.63) 14.5 %
Al Rajhi Capital (100.00) (78.63) 27.2 %
Albilad Capital (107.00) (78.63) 36.1 %
NCB Capital (112.00) (78.63) 42.4 %
AlJazira Capital (116.10) (78.63) 47.7 %
Sico (157.00) (78.63) 99.7 %

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Etihad Etisalat Co.
22.42
0.00 0.00 %
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Financials Highlights (M)

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Business Segments

Valuation Data (Latest Share Price)

P/E (TTM) HIGH
P/E Before Unusual Items (TTM) NEG
P/BV 1.24
Dividend Yield -
Market Cap. (M) 17,263.40
Return on Average Assets 0.60 %
Return on Average Equity 1.71 %

Quarterly Actuals vs Estimates

Estimates Accuracy

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