Mobily’s Profits Grow 33% During Q2 to SAR 661 Million

The net profit of ETIHAD ETISALAT Company (Mobily) grew during the second quarter to 661 million riyals, compared to 497 million riyals in the same quarter of last year, by 32.9%. This came after today’s announcement of the preliminary financial results for the period ending on June 30, 2024 (six months).

Operating profit reached 759 million riyals in the second quarter, compared to 666 million riyals in the same quarter of the previous year, an increase of 13.9%.

Total shareholders’ equity (excluding minority rights) amounted to 17.7 billion riyals in the 6-month period, compared to 16.4 billion riyals in the same period last year, an increase of 8.2%.

Earnings per share in the current period reached 1.69 riyals, compared to 1.25 riyals in the same period last year.

Mobily continued to grow its revenue to reach SAR 4,465 million in Q2 2024 versus SAR 4,269 million in Q2 2023, representing a YoY growth of 4.6%. This growth is attributed to the expansion of all revenue streams, with the business segment leading the charge.

Mobily achieved a net profit of SAR 661 million for Q2 2024, reflecting a 33.0% increase compared to SAR 497 million in Q2 2023, due to the following:

Gross Profit:

Gross profit reached SAR 2,378 million in Q2 2024 versus SAR 2,399 million in Q2 2023, decreasing by 0.88%.

Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):

EBITDA rose 3.4% YoY to SAR 1,650 million in Q2 2024, compared to SAR 1,596 million in Q2 2023, reflecting the growth in revenue.

EBITDA margin reached 37.0% in Q2 2024 versus 37.3% in Q2 2023.

Operating Profit:

Operational profit saw a 14.0% YoY increase in Q2 2024, reaching SAR 759 million from SAR 666 million in Q2 2023, due to the improvement in EBITDA.

Financial Charges and Zakat & Income Tax:

Financial charges decreased by 26.2% in Q2 2024, reaching SAR 130 million compared to SAR 176 million in Q2 2023, due to the reduction of debt portfolio.

Zakat & Income tax came in at SAR 29 million in Q2 2024 compared to SAR 33 million in Q2 2023.

Mobily’s revenue amounted to SAR 4,465 million in Q2 2024, compared to SAR 4,545 million in Q1 2024, decreasing by 1.76% due to the decline in consumer revenue.

Mobily achieved a net profit of SAR 661 million in Q2 2024, representing an increase of 3.61% compared to SAR 638 million in Q1 2024, due to the following:

Gross Profit:

Gross profit reached SAR 2,378 million in Q2 2024, compared to SAR 2,445 million in Q1 2024, representing a decrease of 2.74% QoQ due to the decline in revenue.

Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):

Despite the decrease in revenue, EBITDA level was stable in Q2 2024, reaching SAR 1,650 million versus SAR 1,651 million in Q1 2024, due to the Company’s operational efficiency.

EBITDA margin also improved to 37.0% in Q2 2024, up from 36.3% in Q1 2024.

Operating Profit:

Operational profit increased by 0.8% in Q2 2024, reaching SAR 759 million from SAR753 million in Q1 2024.

Financial Charges and Zakat & Income Tax:

Financial charges increased by 22.3% in Q2 2024 to SAR 130 million from SAR 167 million in Q1 2024, due to a decline in the debt portfolio.

Zakat & Income tax for Q2 2024 was SAR 29 million, compared to SAR 35 million in Q1 2024.

Mobily’s CAPEX reached SAR 609 million in H1 2024, compared to SAR 574 million in H1 2023.

EBITDA-CAPEX increased to SAR 2,692 million in H1 2024, a 4.2% increase from SAR 2,584 million in H1 2023.

The condensed consolidated interim financial statements for the period ended on 30th June 2024 will be available through Mobily’s Investor Relations website, and Mobily’s IR App on smartphones and tablets, after publication on the Saudi Exchange website.