Mobily trims losses to SAR 203 mln in FY16

19/01/2017 Argaam Exclusive

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Share Price

52.50
0.50 0.96 %

Etihad Etisalat Co. (ETIHAD ETISALAT)

 

Etihad Etisalat Co. (Mobily) has narrowed its net loss by 81 percent year-on-year (YoY) to SAR 202.9 million for fiscal year 2016, due to lower G&A expenses mainly on booking SAR 800 million in debt provisions for Zain Saudi in the previous period, in addition to lower selling and marketing expenses. 



Financials (M)

Item 2015 2016 Change‬
Revenues 14,424.13 12,569.40 (12.9 %)
Gross Income 7,958.09 7,425.29 (6.7 %)
Operating Income 144.08 235.47 63.4 %
Net Income (1093.13) (213.64) 80.5 %
Average Shares 770.00 770.00 -
EPS (Riyals) (1.42) (0.28) 80.5 %

The telecom operator reported a net loss of SAR 70.7 million for Q4-2016 versus a net profit of SAR 10.6 million in the same period last year, on the back of a SAR 463 million drop in gross profit, which was partially offset by lower operating expenses.

 

The net loss for Q4 compared with a net loss of SAR 167.7 million for Q3-2016.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 3,487.65 2,908.40 (16.6 %)
Gross Income 2,133.98 1,671.45 (21.7 %)
Operating Income 161.14 85.05 (47.2 %)
Net Income 10.59 (70.22) (763.1 %)
Average Shares 770.00 770.00 -
EPS (Riyals) 0.01 (0.09) (763.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 1,876.72 66.6 % 987.29 62.6 % 250.61 568.5 % 0.36
Q2 2007 2,028.88 39.9 % 1,111.54 38.5 % 303.85 161.7 % 0.44
Q3 2007 2,124.14 24.6 % 1,175.69 22.9 % 310.62 43.2 % 0.45
Q4 2007 2,410.70 26.8 % 1,373.72 18.9 % 514.47 56.0 % 0.74
Q1 2008 2,307.79 23.0 % 1,223.60 23.9 % 326.01 30.1 % 0.47
Q2 2008 2,543.55 25.4 % 1,413.01 27.1 % 448.41 47.6 % 0.64
Q3 2008 2,833.73 33.4 % 1,566.76 33.3 % 539.43 73.7 % 0.77
Q4 2008 3,109.47 29.0 % 1,817.68 32.3 % 777.93 51.2 % 1.01
Q1 2009 2,810.46 21.8 % 1,616.66 32.1 % 480.16 47.3 % 0.62
Q2 2009 3,199.37 25.8 % 1,833.25 29.7 % 674.93 50.5 % 0.88
Q3 2009 3,511.17 23.9 % 1,982.11 26.5 % 806.85 49.6 % 1.05
Q4 2009 3,537.27 13.8 % 2,114.53 16.3 % 1,051.93 35.2 % 1.37
Q1 2010 3,581.38 27.4 % 1,827.12 13.0 % 714.06 48.7 % 0.93
Q2 2010 3,972.33 24.2 % 2,073.83 13.1 % 901.02 33.5 % 1.17
Q3 2010 3,988.50 13.6 % 2,309.86 16.5 % 1,137.55 41.0 % 1.48
Q4 2010 4,470.94 26.4 % 2,572.61 21.7 % 1,458.84 38.7 % 1.89
Q1 2011 4,484.30 25.2 % 2,289.13 25.3 % 998.23 39.8 % 1.30
Q2 2011 5,126.64 29.1 % 2,477.75 19.5 % 1,164.07 29.2 % 1.51
Q3 2011 4,639.69 16.3 % 2,472.28 7.0 % 1,223.77 7.6 % 1.59
Q4 2011 5,801.62 29.8 % 3,086.91 20.0 % 1,697.39 16.4 % 2.20
Q1 2012 5,008.63 11.7 % 2,613.09 14.2 % 1,207.45 21.0 % 1.57
Q2 2012 5,678.49 10.8 % 2,955.86 19.3 % 1,421.26 22.1 % 1.85
Q3 2012 6,183.15 33.3 % 2,986.06 20.8 % 1,511.41 23.5 % 1.96
Q4 2012 6,715.03 15.7 % 3,421.97 10.9 % 1,877.54 10.6 % 2.44
Q1 2013 5,593.04 11.7 % 2,693.80 3.1 % 1,339.64 10.9 % 1.74
Q2 2013 5,960.05 5.0 % 2,975.14 0.7 % 1,611.04 13.4 % 2.09
Q3 2013 4,883.46 (21.0 %) 3,292.03 10.2 % 1,631.94 8.0 % 2.12
Q4 2013 4,087.12 (39.1 %) 2,589.22 (24.3 %) 447.60 (76.2 %) 0.58
Q1 2014 3,853.06 (31.1 %) 2,163.70 (19.7 %) 310.69 (76.8 %) 0.40
Q2 2014 3,568.53 (40.1 %) 1,901.79 (36.1 %) 92.50 (94.3 %) 0.12
Q3 2014 3,859.86 (21.0 %) 2,182.85 (33.7 %) 129.46 (92.1 %) 0.17
Q4 2014 2,722.09 (33.4 %) 530.71 (79.5 %) (2108.45) (571.1 %) (2.74)
Q1 2015 3,680.13 (4.5 %) 1,917.62 (11.4 %) (44.52) (114.3 %) (0.06)
Q2 2015 3,556.26 (0.3 %) 1,881.45 (1.1 %) (900.91) (1074.0 %) (1.17)
Q3 2015 3,700.08 (4.1 %) 2,025.03 (7.2 %) (158.29) (222.3 %) (0.21)
Q4 2015 3,487.65 28.1 % 2,133.98 302.1 % 10.59 100.5 % 0.01
Q1 2016 3,440.28 (6.5 %) 1,924.97 0.4 % 19.74 144.3 % 0.03
Q2 2016 3,288.88 (7.5 %) 2,087.68 11.0 % 3.18 100.4 % 0.00
Q3 2016 2,931.84 (20.8 %) 1,741.18 (14.0 %) (166.33) (5.1 %) (0.22)
Q4 2016 2,908.40 (16.6 %) 1,671.45 (21.7 %) (70.22) (763.1 %) (0.09)
2016 12,569.40 (12.9 %) 7,425.29 (6.7 %) (213.64) 80.5 % (0.28)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 56.28 % 32.91 % 13.18 %
Q2 2007 56.06 % 33.32 % 14.66 %
Q3 2007 55.86 % 33.53 % 15.07 %
Q4 2007 55.07 % 34.91 % 16.34 %
Q1 2008 55.06 % 34.49 % 16.40 %
Q2 2008 55.25 % 34.50 % 17.04 %
Q3 2008 55.24 % 34.64 % 18.11 %
Q4 2008 55.78 % 35.15 % 19.38 %
Q1 2009 56.78 % 35.20 % 19.88 %
Q2 2009 57.18 % 35.61 % 20.68 %
Q3 2009 57.40 % 36.11 % 21.69 %
Q4 2009 57.79 % 37.04 % 23.08 %
Q1 2010 56.09 % 36.94 % 23.48 %
Q2 2010 54.77 % 36.75 % 23.79 %
Q3 2010 55.21 % 38.04 % 25.23 %
Q4 2010 54.85 % 38.50 % 26.30 %
Q1 2011 54.65 % 38.01 % 26.58 %
Q2 2011 53.40 % 38.37 % 26.33 %
Q3 2011 52.41 % 37.91 % 25.88 %
Q4 2011 51.50 % 37.17 % 25.35 %
Q1 2012 51.76 % 38.00 % 25.72 %
Q2 2012 52.67 % 37.71 % 26.27 %
Q3 2012 51.35 % 36.85 % 25.75 %
Q4 2012 50.78 % 36.18 % 25.51 %
Q1 2013 49.89 % 35.84 % 25.44 %
Q2 2013 49.39 % 36.50 % 25.93 %
Q3 2013 53.49 % 39.23 % 27.90 %
Q4 2013 56.28 % 38.02 % 24.51 %
Q1 2014 58.67 % 37.38 % 21.30 %
Q2 2014 60.68 % 35.19 % 15.15 %
Q3 2014 57.50 % 28.75 % 6.38 %
Q4 2014 48.41 % 24.77 % (2.08 %)
Q1 2015 47.24 % 23.57 % (4.54 %)
Q2 2015 47.13 % 22.22 % (6.07 %)
Q3 2015 46.53 % 21.11 % (8.25 %)
Q4 2015 55.17 % 26.13 % (1.84 %)
Q1 2016 56.16 % 27.77 % (1.54 %)
Q2 2016 58.72 % 30.28 % (0.70 %)
Q3 2016 59.99 % 31.97 % (1.68 %)
Q4 2016 59.07 % 31.96 % (2.62 %)
2016 59.07 % 31.96 % (2.62 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 696.67 1.31 1.31 6.87
Q2 2007 696.67 1.58 1.58 7.30
Q3 2007 696.67 1.72 1.72 7.75
Q4 2007 696.67 1.98 1.98 8.49
Q1 2008 696.67 2.09 2.09 8.60
Q2 2008 696.67 2.30 2.30 9.24
Q3 2008 696.67 2.62 2.62 10.01
Q4 2008 770.00 2.72 2.72 12.67
Q1 2009 770.00 2.92 2.92 12.61
Q2 2009 770.00 3.21 3.21 13.49
Q3 2009 770.00 3.56 3.56 14.53
Q4 2009 770.00 3.91 3.91 15.90
Q1 2010 770.00 4.22 4.22 15.69
Q2 2010 770.00 4.51 4.51 16.86
Q3 2010 770.00 4.94 4.94 18.34
Q4 2010 770.00 5.47 5.47 20.23
Q1 2011 770.00 5.84 5.84 19.71
Q2 2011 770.00 6.18 6.18 21.22
Q3 2011 770.00 6.29 6.29 21.68
Q4 2011 770.00 6.60 6.60 23.88
Q1 2012 770.00 6.87 6.87 23.63
Q2 2012 770.00 7.21 7.21 24.57
Q3 2012 770.00 7.58 7.58 25.62
Q4 2012 770.00 7.82 7.82 27.15
Q1 2013 770.00 7.99 7.99 27.74
Q2 2013 770.00 8.23 8.23 28.68
Q3 2013 770.00 8.39 8.39 29.16
Q4 2013 770.00 6.53 6.53 27.42
Q1 2014 770.00 5.20 5.20 26.58
Q2 2014 770.00 3.22 3.22 25.45
Q3 2014 770.00 1.27 1.27 24.36
Q4 2014 770.00 (2.05) (0.38) 21.63
Q1 2015 770.00 (2.51) (0.82) 21.57
Q2 2015 770.00 (3.80) (1.09) 20.40
Q3 2015 770.00 (4.17) (1.46) 20.19
Q4 2015 770.00 (1.42) (0.34) 20.21
Q1 2016 770.00 (1.34) (0.28) 19.73
Q2 2016 770.00 (0.16) (0.13) 19.73
Q3 2016 770.00 (0.17) (0.29) 19.52
Q4 2016 770.00 (0.28) (0.43) 19.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 29.65 29.65 5.66
Q2 2007 24.09 24.09 5.21
Q3 2007 30.76 30.76 6.81
Q4 2007 29.44 29.44 6.87
Q1 2008 22.13 22.13 5.38
Q2 2008 18.49 18.49 4.59
Q3 2008 13.67 13.67 3.58
Q4 2008 10.37 10.37 2.22
Q1 2009 10.75 10.75 2.49
Q2 2009 9.94 9.94 2.37
Q3 2009 10.63 10.63 2.60
Q4 2009 10.08 10.08 2.48
Q1 2010 10.83 10.83 2.91
Q2 2010 9.65 9.65 2.58
Q3 2010 9.80 9.80 2.64
Q4 2010 9.18 9.18 2.48
Q1 2011 8.02 8.02 2.38
Q2 2011 7.72 7.72 2.25
Q3 2011 7.66 7.66 2.22
Q4 2011 7.23 7.23 2.00
Q1 2012 8.66 8.66 2.52
Q2 2012 7.92 7.92 2.32
Q3 2012 8.12 8.12 2.40
Q4 2012 8.84 8.84 2.54
Q1 2013 10.24 10.24 2.95
Q2 2013 9.84 9.84 2.82
Q3 2013 10.10 10.10 2.91
Q4 2013 13.09 13.09 3.12
Q1 2014 17.85 17.85 3.49
Q2 2014 25.37 25.37 3.21
Q3 2014 More than 50 More than 50 3.70
Q4 2014 NEG NEG 2.03
Q1 2015 NEG NEG 1.77
Q2 2015 NEG NEG 1.66
Q3 2015 NEG NEG 1.38
Q4 2015 NEG NEG 1.40
Q1 2016 NEG NEG 1.49
Q2 2016 NEG NEG 1.39
Q3 2016 NEG NEG 0.96
Q4 2016 NEG NEG 1.24

Business Segments (Million)

Compared With The
Period Consumer revenues Business revenues Wholesale revenues Outsourcing revenues
Q1 2016 2,905.06 326.39 193.99 14.83
Q2 2016 2,692.57 401.74 177.26 17.32
Q3 2016 2,420.53 327.20 168.43 15.67
Q4 2016 2,431.57 302.17 156.88 17.78

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average (105.17) (70.22) 33.23 %

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
SNB Capital (101.00) (70.22) 30.5 %
Albilad Capital (102.00) (70.22) 31.2 %
Alistithmar Capital (126.20) (70.22) 44.4 %
Riyad Capital (159.00) (70.22) 55.8 %
Al Rajhi Capital (160.00) (70.22) 56.1 %
AlJazira Capital 17.20 (70.22) (508.3) %

Current
Market Cap (M Riyal) 40,425.00
Enterprise Value (EV) (M) 43,750.96
Shares Outstanding ((M)) 770.00
EPS ( Riyal) (TTM) 3.12
Book Value (BV) ( Riyal) 23.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.39
P/E (TTM) 16.81
Price/book 2.21
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 13.7

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