Mobily 2024 profit jumps 39% to SAR 3.1B; Q4 at SAR 979.6M

19/02/2025 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit of SAR 3.1 billion for 2024, an increase of 39% from SAR 2.23 billion in the prior year.



Financials (M)

Item 2023 2024 Change‬
Revenues 16,762.68 18,206.45 8.6 %
Gross Income 9,253.49 9,610.03 3.9 %
Operating Income 2,977.26 3,246.42 9.0 %
Net Income 2,231.98 3,106.85 39.2 %
Average Shares 770.00 770.00 -
Earnings Per Share before unusual items (Riyals) 2.98 3.67 23.1 %
EPS (Riyal) 2.90 4.03 39.2 %

Mobily’s revenues grew 8.6% year-on-year (YoY) to SAR 18.20 billion in 2024, on higher earnings across all segments and an expansion in the customer base. Gross profit climbed 6.9% YoY to SAR 9.89 billion.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 8.6% YoY to SAR 7.19 billion, due to the company's efficiency in managing its operational processes, in addition to the positive impact of reversing a withholding tax provision of SAR 284 million. The EBITDA margin remained stable at 39.5% in 2024.

 

Operating profit increased 18.6% YoY to SAR 3.53 billion, while financing charges fell by 10.8% YoY to SAR 615 million in 2024 due to a reduction in the debt portfolio.

 

Zakat and income tax amounted to SAR 86 million, down from SAR 217 million for the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 4,306.39 4,697.21 9.1 %
Gross Income 2,265.70 2,361.11 4.2 %
Operating Income 983.25 913.73 (7.1 %)
Net Income 745.91 979.41 31.3 %
Average Shares 770.00 770.00 -
Earnings Per Share before unusual items (Riyal) 1.05 1.08 3.5 %
EPS (Riyal) 0.97 1.27 31.3 %

Q4 2024 net profit surged 31% YoY to SAR 979.6 million.

 

On a sequential basis, earnings grew 18.2% from SAR 828.55 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 18.87 billion by the end of 2024, compared to SAR 17.62 billion in 2023.

 

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