Mobily’s profits rise to 2.23 billion riyals by the end of 2023, up 35%

The net profit of Etihad Etisalat Company “Mobily” grew during the year ending in 2023 to 2.23 billion riyals, compared to 1.65 billion riyals in the year 2022, by 35%. This came after today’s announcement of the annual financial results ending on December 31, 2023 AD.

Operating profit reached 2.97 billion riyals during the year ending in 2023, compared to 2.32 billion riyals in the year before last, an increase of 28%.

Total equity, after excluding non-controlling interests, amounted to 17.62 billion riyals in the current year, compared to 16.35 billion riyals in the year before last, an increase of 7.7%.

Earnings per share in the current year amounted to 2.9 riyals, compared to 2.15 riyals last year.

Mobily achieved the highest level of revenues over the past decade, reaching 16,763 million Saudi riyals in the fiscal year 2023, compared to 15,717 million Saudi riyals in the previous year, recording an increase of 6.66%. This is mainly due to the growth in revenues of all the company’s sectors, in addition to the increase in the base. Customers.

Mobily was able to achieve the highest net profit over the past decade, reaching 2,232 million Saudi riyals for the fiscal year 2023, compared to 1,657 million riyals during the previous year, an increase of 34.70%, mainly due to the following:

Gross profit:

Total profit for 2023 increased to 9,452 million Saudi riyals compared to 9,381 million Saudi riyals for the previous year, mainly due to growth in revenues.

Profit before deducting depreciation, amortization, Islamic Murabaha costs and Zakat (EBITDA):

Mobily recorded an increase in profit before deducting depreciation, amortization, Islamic Murabaha costs and Zakat (EBITDA) by 7.22%, reaching 6,625 million Saudi riyals in the fiscal year 2023, compared to 6,179 million Saudi riyals for the previous year. This is mainly due to the company’s efficiency in managing its operational operations, in addition to the positive impact of reversing the provision for potential liabilities amounting to 202 million riyals.

The profit margin rate before deducting depreciation, amortization, Islamic Murabaha costs, and Zakat (EBITDA margin) for the fiscal year 2023 also increased to 39.5%, compared to 39.3% for the previous year.

Operating profit:

Operating profits increased during the fiscal year 2023 by 27.88% to reach 2,977 million Saudi riyals, compared to operating profits of 2,328 million Saudi riyals in the previous year, mainly due to the increase in profit before deducting depreciation, amortization, Islamic Murabaha costs and Zakat (EBITDA).

Financing expenses, zakat, and income tax:

Financing expenses for the fiscal year 2023 increased by 13.69% to reach 690 million Saudi riyals, compared to 607 million Saudi riyals for the previous year.

Zakat and income tax expenses for the fiscal year 2023 amounted to 217 million Saudi riyals, compared to a zakat and income tax expense of 122 million Saudi riyals for the previous year.

The auditor’s report included, in another matter paragraph, the following:

The Group’s consolidated financial statements for the year ended December 31, 2022 were audited by another auditor who expressed an unmodified opinion on those consolidated financial statements on Shaaban 3, 1444 AH (corresponding to February 23, 2023).

The company said that some comparative figures have been reclassified to conform to the current year’s presentation.

additional information:

Capital expenditures:

Capital expenditures for the fiscal year 2023 increased by 10.8% to reach 2,318 million Saudi riyals, compared to 2,093 million Saudi riyals for the previous year.

Profit before deducting depreciation and amortization, Islamic Murabaha costs and Zakat, after deducting capital expenditures for the fiscal year 2023, increased to 4,307 million Saudi riyals, representing an increase of 5.40% compared to 4,086 million Saudi riyals for the previous year.

We would like to draw the attention of our honorable shareholders to the fact that the consolidated financial statements for the year ending December 31, 2023 AD will be available on the investor relations application of Etihad Etisalat Company (Mobily) for smartphones and tablets, and through the company’s website on the investor relations page, after publishing it on the Tadawul website.