Mobily’s profits jump 54.5% to SAR 1.65 billion by the end of 2022

Etihad Etisalat Co. (Mobily) revealed that the net profit after zakat and tax increased during the year ending on December 31 to 1.65 billion riyals, compared to SAR 1.07 billion in the previous year, by 54.5%. This came after today’s announcement of the consolidated annual financial results for the year ending on December 31, 2022.

The Operational profit amounted to SAR 2.3 billion during the year ending on December 31, compared to SAR 1.6 billion in the previous year, with a growth of 39.6%.

The Total Share Holders Equity (after Deducting Minority Equity) amounted to SAR 16.3 billion in the current year, compared to 15.1 billion riyals in the previous year, an increase of 7.6%.

Earnings per share in the current year reached SAR 2.15, compared to 1.39 riyals in the previous year.

Mobily achieved a growth in net profit by 54.6% to reach SAR 1,657 million for the year 2022 compared to SAR 1,072 million in 2021, recording the highest annual net profit in the last nine years due to the following:

Revenues:

Mobily continued to grow its revenue to reach SAR 15,669 million in 2022, a 5.6% growth from SAR 14,834 million in the last year. The increase in Mobily’s revenues was mainly driven by the growth of all revenue streams, with a healthy growth in the subscriber base.

Gross Profit:

Gross profit increased by 8.0% in 2022, reaching SAR 9,363 million from SAR 8,672 million in the last year, mainly due to the increase in revenues.

Earnings before interest, tax, depreciation, and amortization (EBITDA):

Mobily delivered its highest EBITDA level over the past nine years, with an amount of SAR 6,161 million in 2022, an increase of 10.4% compared to SAR 5,581 million in the previous year. The increase in EBITDA mostly reflects the growth in revenues and the company’s efficiency in managing its operations.

But EBITDA margin increased to reach 39.3% in 2022 versus 37.6% in 2021.

Operating profit:

Operational profit increased by 39.7%, reaching SAR 2,310 million in 2022 from SAR 1,654 million in the last year, due to the increase in EBITDA.

Financial charges and Zakat:

Financial charges increased by 20.2% in 2022 to reach SAR 607 million from SAR 505 million in the last year, reflecting the increase in interest rate.

Zakat expenses is at SAR 122 million in 2022 compared to SAR 79 million in the last year.

Additional Information

CAPEX:

CAPEX for 2022 amounted to SAR 2,093 million versus SAR 2,092 million for the previous year.

Operational Cash Flow:

Mobily delivered a solid Operational Cash Flow (EBITDA-CAPEX) in 2022 at SAR 4,067 million versus SAR 3,489 million for the previous year, representing an increase of 16.6%.

The Company would like to draw the shareholders’ attention to that the financial statements for the year ended 31st December 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.