Mobily reports a loss of SAR 3409 mln for Q4-2014 and a loss of SAR 913 mln for 2014

21/01/2015 Argaam Exclusive

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Etihad Etisalat Co. (ETIHAD ETISALAT)

Etihad Etisalat Company (Mobily), the second mobile operator in Saudi Arabia, reported 2014 net loss of SAR 913million, a 115 percent decline compared to the last year.

A net loss of SAR 3409 million was reported for Q4-2014 compared to a net profit of SAR 472 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	18,102.67	14,004.01	(22.6 %)
Gross Income	11,206.67	6,778.54	(39.5 %)
Operating Income	4,704.71	(64.64)	(101.4 %)
Net Income	4,691.91	(1575.81)	(133.6 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	6.09	(2.05)	(133.6 %)

The Company attributed the decline of 2014’s net profit compared to the same period last year, to the decrease of revenue (mainly due to decrease in non- recurring revenue from data center capacity sale agreements and equipment sales), increase of operating expenses, higher depreciation and finance expenses as well as exceptional (one-off) expense items recorded during the current period compared with the same period last year.

Reporting a net loss for Q4-2014 compared to a net profit for the same period last year was attributed to the decrease of revenue (mainly due to the decrease of non- recurring revenues from FTTH (fibre to home) capital leases, data center capacity sale agreements and equipment sales), increase of operating expenses, higher depreciation and finance expenses as well as exceptional (one-off) expense items recorded during the current quarter compared with the same quarter last year.

Q4-2014’s net loss compared to a net profit for the previous period (Q3-2014) was due to the decrease of revenue, increase of operating expenses, higher depreciation and finance expenses as well as exceptional (one-off) items recorded during the current quarter compared with the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	4,087.12	2,722.09	(33.4 %)
Gross Income	2,589.22	530.71	(79.5 %)
Operating Income	401.13	(665.86)	(266.0 %)
Net Income	447.60	(2108.45)	(571.1 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	0.58	(2.74)	(571.1 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	3,859.86	2,722.09	(29.5 %)
Gross Income	2,182.85	530.71	(75.7 %)
Operating Income	127.01	(665.86)	(624.2 %)
Net Income	129.46	(2108.45)	(1728.7 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	0.17	(2.74)	(1728.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	(412.48)	-	(0.59)
Q2 2005	58.46	-	3.54	-	(422.08)	-	(0.61)
Q3 2005	566.41	-	260.00	-	(165.63)	-	(0.24)
Q4 2005	1,036.87	-	430.96	-	(167.19)	-	(0.24)
2005	1,661.74	-	694.50	-	(1167.38)	-	(1.68)
Q1 2006	1,126.54	-	607.18	-	37.49	109.1 %	0.05
Q2 2006	1,450.06	2380.5 %	802.46	22581.2 %	116.13	127.5 %	0.17
Q3 2006	1,705.38	201.1 %	956.76	268.0 %	216.85	230.9 %	0.31
Q4 2006	1,901.26	83.4 %	1,155.65	168.2 %	329.89	297.3 %	0.47
2006	6,183.24	272.1 %	3,522.05	407.1 %	700.36	160.0 %	1.01
Q1 2007	1,876.72	66.6 %	987.29	62.6 %	250.61	568.5 %	0.36
Q2 2007	2,028.88	39.9 %	1,111.54	38.5 %	303.85	161.7 %	0.44
Q3 2007	2,124.14	24.6 %	1,175.69	22.9 %	310.62	43.2 %	0.45
Q4 2007	2,410.70	26.8 %	1,373.72	18.9 %	514.47	56.0 %	0.74
2007	8,440.43	36.5 %	4,648.24	32.0 %	1,379.55	97.0 %	1.98
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)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	1,661.74	-	694.50	-	(1167.38)	-	(1.68)
2006	6,183.24	272.1 %	3,522.05	407.1 %	700.36	160.0 %	1.01
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)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	41.79 %	(6.79 %)	(70.25 %)
2005	41.79 %	(6.79 %)	(70.25 %)
Q1 2006	46.68 %	14.82 %	(25.73 %)
Q2 2006	50.25 %	23.95 %	(4.29 %)
Q3 2006	52.59 %	27.49 %	3.82 %
Q4 2006	56.96 %	32.35 %	11.33 %
2006	56.96 %	32.35 %	11.33 %
Q1 2007	56.28 %	32.91 %	13.18 %
Q2 2007	56.06 %	33.32 %	14.66 %
Q3 2007	55.86 %	33.53 %	15.07 %
Q4 2007	55.07 %	34.91 %	16.34 %
2007	55.07 %	34.91 %	16.34 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	41.79 %	(6.79 %)	(70.25 %)
2006	56.96 %	32.35 %	11.33 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	6.05 %	(234.60 %)	(722.02 %)
Q3 2005	45.90 %	17.21 %	(29.24 %)
Q4 2005	41.56 %	11.71 %	(16.12 %)
Q1 2006	53.90 %	29.42 %	3.33 %
Q2 2006	55.34 %	31.08 %	8.01 %
Q3 2006	56.10 %	32.74 %	12.72 %
Q4 2006	60.78 %	34.71 %	17.35 %
Q1 2007	52.61 %	32.66 %	13.35 %
Q2 2007	54.79 %	33.12 %	14.98 %
Q3 2007	55.35 %	33.64 %	14.62 %
Q4 2007	56.98 %	39.29 %	21.34 %
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 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	696.67	-	-	6.58
Q2 2005	696.67	-	-	5.98
Q3 2005	696.67	-	-	5.74
Q4 2005	696.67	(1.68)	(1.68)	5.50
Q1 2006	696.67	(1.03)	(1.03)	5.56
Q2 2006	696.67	(0.26)	(0.26)	5.72
Q3 2006	696.67	0.29	0.29	6.03
Q4 2006	696.67	1.01	1.01	6.51
Q1 2007	696.67	1.31	1.31	6.87
Q2 2007	696.67	1.58	1.58	7.30
Q3 2007	696.67	1.72	1.72	7.75
Q4 2007	696.67	1.98	1.98	8.49
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	696.67	(1.68)	(1.68)	5.50
2006	696.67	1.01	1.01	6.51
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	11.84
Q2 2005	-	-	17.14
Q3 2005	-	-	17.15
Q4 2005	NEG	NEG	20.19
Q1 2006	NEG	NEG	17.54
Q2 2006	NEG	NEG	12.06
Q3 2006	More than 50	More than 50	9.83
Q4 2006	41.03	41.03	6.34
Q1 2007	29.65	29.65	5.66
Q2 2007	24.09	24.09	5.21
Q3 2007	30.76	30.76	6.81
Q4 2007	29.44	29.44	6.87
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

Period	P/E	Adjusted P/E	Price/book
2005	NEG	NEG	20.19
2006	41.03	41.03	6.34
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

Financial Ratios

	Current
Market Cap (M Riyal)	39,732.00
Enterprise Value (EV) (M)	43,057.96
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)	16.11
P/E (TTM)	16.52
Price/book	2.18
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	13.7

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Mobily reports a loss of SAR 3409 mln for Q4-2014 and a loss of SAR 913 mln for 2014

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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

Financial Ratios

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Mobily reports a loss of SAR 3409 mln for Q4-2014 and a loss of SAR 913 mln for 2014

View other reports

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

Financial Ratios

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