Etihad Etisalat Co. (Mobily) reported a net profit of SAR 1.48 billion for first nine months of 2023, an increase of 41% from SAR 1.05 billion in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 11,537.37 | 12,398.89 | 7.5 % |
| Gross Income | 6,871.10 | 7,102.69 | 3.4 % |
| Operating Income | 1,498.75 | 1,971.94 | 31.6 % |
| Net Income | 1,051.05 | 1,486.07 | 41.4 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 1.37 | 1.93 | 41.4 % |
The telco said its revenues for the period grew by 7.5% year-on-year (YoY) to SAR 12.4 billion, supported by all segments, mainly the business segment, with a healthy growth in the overall subscriber base. Higher top line pushed gross profit up 3.4% YoY to SAR 7.1 billion.
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 7.8% YoY to SAR 4.73 billion. EBITDA margin increased to 38.2% versus 38.1% in 9M 2022. Operating profit jumped 31.6% YoY to SAR 1.97 billion.
Meanwhile, reflecting the increase in interest rate, finance charges for the current period increased by 22% YoY to SAR 510 million, Mobily said. Zakat and income tax amounted to SAR 123 million compared to SAR 78 million for the similar period of the previous year.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 3,827.61 | 4,099.89 | 7.1 % |
| Gross Income | 2,300.40 | 2,361.50 | 2.7 % |
| Operating Income | 524.85 | 688.77 | 31.2 % |
| Net Income | 372.52 | 523.83 | 40.6 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.48 | 0.68 | 40.6 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 4,247.76 | 4,099.89 | (3.5 %) |
| Gross Income | 2,435.49 | 2,361.50 | (3.0 %) |
| Operating Income | 656.14 | 688.77 | 5.0 % |
| Net Income | 497.32 | 523.83 | 5.3 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.65 | 0.68 | 5.3 % |
Q3 2023 net profit surged 40% YoY to SAR 524 million, as revenue rose 7.1% YoY and gross profit was up 2.7% YoY. EBITDA increased 8% YoY to SAR 1.59 billion, reflecting the growth in revenue in addition to the company’s efficiency in managing its operations.
Finance charges reached SAR 162 million in Q3 2023, up 8% YoY, due to the increase in interest rate. Zakat and income tax came in at SAR 48 million compared to SAR 22 million in Q3 2022.
On a sequential basis, Q3 earnings grew 5.4%.
Total shareholders’ equity, no minority interest, stood at SAR 16.91 billion by the end of 9M 2023, compared to SAR 15.70 billion in the year-earlier period.
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