Etihad Etisalat Co. (Mobily) announces its consolidated interim financial results for the period ending on 30-09-2024 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 4,499 | 4,118 | 9.252 | 4,465 | 0.761 |
| Gross Profit (Loss) | 2,566 | 2,319 | 10.651 | 2,378 | 7.905 |
| Operational Profit (Loss) | 960 | 692 | 38.728 | 759 | 26.482 |
| Net profit (Loss) | 829 | 524 | 58.206 | 661 | 25.416 |
| Total Comprehensive Income | 819 | 505 | 62.178 | 621 | 31.884 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 13,509 | 12,456 | 8.453 |
| Gross Profit (Loss) | 7,389 | 6,988 | 5.738 |
| Operational Profit (Loss) | 2,473 | 1,994 | 24.022 |
| Net profit (Loss) | 2,127 | 1,486 | 43.135 |
| Total Comprehensive Income | 2,078 | 1,440 | 44.305 |
| Total Shareholders Equity (after Deducting Minority Equity) | 17,891 | 16,913 | 5.782 |
| Profit (Loss) per Share | 2.76 | 1.93 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Mobily continued to grow its revenue to reach SAR 4,499 million in Q3 2024 versus SAR 4,118 million in Q3 2023, representing a YoY growth of 9.3%. This growth is attributed to the expansion of all revenue streams, with the business segment leading the charge. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Mobily achieved a net profit of SAR 829 million for Q3 2024, reflecting a 58.2% increase compared to SAR 524 million in Q3 2023, due to the following: |
Gross Profit:
Gross profit increased by 10.6% to reach SAR 2,566 million in Q3 2024 versus SAR 2,319 million in Q3 2023, driven by the increase in revenue, as well as the positive impact of a withholding tax reversal amounting to SAR 140 million.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):
EBITDA rose 15.4% YoY to SAR 1,846 million in Q3 2024, compared to SAR 1,600 million in Q3 2023, reflecting the growth in revenue.
EBITDA margin reached 41.0% in Q3 2024 versus 38.8% in Q3 2023.
Operating Profit:
Operational profit saw a 38.7% YoY increase in Q3 2024, reaching SAR 960 million from SAR 692 million in Q3 2023, due to the improvement in EBITDA.
Financial Charges and Zakat & Income Tax:
Financial charges increased by 3.1% in Q3 2024, reaching SAR 167 million compared to SAR 162 million in Q3 2023, due to the impact of hedge contracts optimization resulting from the financing agreement signed in Q1 2024.
Zakat & Income tax came in at SAR 29 million in Q3 2024 compared to SAR 48 million in Q3 2023.
Gross Profit:
Gross profit witnessed an increase of 7.9% QoQ, reaching SAR 2,566 million in Q3 2024, compared to SAR 2,378 million in Q2 2024, mainly due to the increase in revenue, as well as the positive impact of a withholding tax reversal amounting to SAR 140 million.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):
Mobily’s EBITDA rose 11.9% to SAR 1,846 million in Q3 2024, up from SAR 1,650 million in Q2 2024. This reflects the growth in revenue in addition to the company’s efficiency in managing its operations.
EBITDA margin also improved to 41.0% in Q3 2024, up from 37.0% in Q2 2024.
Operating Profit:
Operational profit increased by 26.5% in Q3 2024, reaching SAR 960 million from SAR 759 million in Q2 2024.
Financial Charges and Zakat & Income Tax:
Financial charges increased by 28.7% in Q3 2024 to SAR 167 million from SAR 130 million in Q2 2024, due to the impact of hedge contracts optimization resulting from the financing agreement signed in Q1 2024.
Zakat & Income tax for Q3 2024 remained flat at SAR 29 million, compared to SAR 29 million in Q2 2024.
Gross Profit:
Gross profit climbed 5.7% to SAR 7,389 million in the current period versus SAR 6,988 million for the similar period of the previous year, mirroring the growth in revenues, as well as the positive impact of a withholding tax reversal amounting to SAR 140 million.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):
Mobily recorded an increased in EBITDA of 8.2% to reach SAR 5,148 million in the current period compared to SAR 4,758 million for the similar period of the previous year. The increase is attributed to the growth in revenues.
EBITDA margin reached 38.1% in the current period versus 38.2% in the similar period last year.
Operating Profit:
Operational profit for the current period increased by 24.0% to reach SAR 2,473 million in compared to an operational profit of SAR 1,994 million for the similar period of the previous year, driven by the rise in EBITDA.
Financial Charges and Zakat & Income Tax:
Financial charges for the current period decreased by 9.2% to SAR 463 million in compared to SAR 510 million for the similar period of the previous year, due to a reduction in the debt portfolio.
Zakat & Income tax for the current period amounted to SAR 93 million, compared to SAR 123 million for the similar period of the previous year.
EBITDA-CAPEX increased to reach SAR 4,068 million in nine months of 2024, a 6.8% increase from SAR 3,809 million for the similar period of the previous year.
The condensed consolidated interim financial statements for the period ended on 30th September 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.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.