Mobily Profits Increases to SR360 mln during 2Q, by 47.5%

Etihad Etisalat Company (Mobily) revealed that the net profit after zakat and tax in the second quarter increased to SR360 million, compared to SR244 million in the same quarter of last year, at a rate of 47.5%.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The operational profit amounted to SR519 million in the second quarter, compared to SR384 million in the same quarter of the previous year, a growth of 35.16%.

The gross income in the second quarter amounted to SR2.3 billion, compared to SR2.1 billion in the same quarter of last year, an increase of 8.6%.

The total shareholders’ equity “without minority rights” amounted to SR15.2 billion in the 6-month period, compared to SR14.5 billion in the same period last year, an increase of 5.18%.

Profits per share in the current period reached SR0.88, compared to SR0.61 in the same period last year.

Mobily achieved a net profit of SR 360 million for Q2 2022, a 47.5% increase from SR 244 million in Q2 2021, due to the following:

Revenue

Mobily continued to grow its revenue to reach SR 3,899 million in Q2 2022, a 4.6% growth from SR 3,728 million in Q2 2021. The increase in Mobily’s revenue was mainly driven by growth in the Wholesale and Business segments, with healthy growth in the FTTH active base and the overall subscriber base.

Gross Profit

Gross profit increased by 8.7% in Q2 2022, reaching SR 2,333 million from SR 2,147 million in Q2 2021, mainly due to the increase in revenues.

EBITDA

Mobily achieved an EBITDA of SR 1,482 million in Q2 2022, an increase of 10.3% compared to SR 1,344 million in Q2 2021. The increase in EBITDA mostly reflects the growth in revenues in addition to operational efficiencies.

EBITDA margin increased to reach 38.0% in Q2 2022 versus 36.1% in Q2 2021.

Operational profit (EBIT)

Operational profit increased by 35.2% in Q2 2022, reaching SR 519 million, from SR 384 million in Q2 2021, due to the increase in EBITDA.

Financial charges and Zakat

Financial charges increased by 17.6% in Q2 2022 to reach SAR 143 million from SAR 121 million in Q2 2021, reflecting the increase in interest rate.

Zakat expenses at SAR 25 million in Q2 2022 compared to SAR 20 million in Q2 2021.

Certain comparative figures have been reclassified to conform to the current period’s presentation.

CAPEX

Capex for the first half of 2022 amounted to SR 539 million versus SR 425 million for a similar period of the previous year.

Operational Cash Flow

Mobily was able to deliver solid Operational Cash Flow (EBITDA-CAPEX) in the first half of 2022, at SR 2,389 million versus SR 2,284 million for the similar period of the previous year, representing an increase of 4.6%.

The condensed consolidated interim financial statements for the period ended 30th June 2022 will be available through Mobily’s Investor Relations Website, and Mobily’s IR App on smartphones and tablets, after being published on the Saudi Exchange website.