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×Mobily shrinks H1 losses by 51% on lower cost of sales, higher revenue
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 | 5,727.23 | 0.1 % |
| Gross Income | 3,298.11 | 3,437.66 | 4.2 % |
| Operating Income | 7.25 | 171.00 | 2258.7 % |
| Net Income | (352.76) | (172.03) | 51.2 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (SAR) | (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 (SAR) | 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 | 2,894.72 | 1,774.90 | (78.63) | (0.10) | 58.54 % |
| 2018 - Q1 | 2,832.51 | 1,662.77 | (93.41) | (0.12) | 42.73 % |
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 |
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 % |
Financials Highlights (M)
Business Segments
Valuation Data (Latest Share Price)
| P/E (TTM) | HIGH |
| P/E Before Unusual Items (TTM) | NEG |
| P/BV | 1.32 |
| Dividend Yield | - |
| Market Cap. (M) | 18,233.60 |
| Return on Average Assets | 0.10 % |
| Return on Average Equity | 0.27 % |