Financial Results : Mobily trims losses by 43% in Q1

Mobily trims losses by 43% in Q1

22/04/2018 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) narrowed losses by 42.94 percent year-on-year (YoY) to SAR 93 million in Q1 2018 on higher data revenue, in addition to reversing unnecessary provisions and adopting a cost-efficiency strategy.

 

Revenue edged lower YoY to SAR 2.8 billion in Q1 2018, due to the impact of VAT on sales and a 45 percent drop in call rates.

Compared to the previous quarter, Q1 losses shrank by 48.9 percent.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 2,865.06 2,832.51 (1.1 %)
Gross Income 1,664.83 1,662.77 (0.1 %)
Operating Income 87.56 93.24 6.5 %
Net Income (163.10) (93.41) 42.7 %
Average Shares 770.00 770.00 -
EPS (Riyals) (0.21) (0.12) 42.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 2,810.46 21.8 % 1,616.66 32.1 % 533.50 23.0 %
Q2 2009 3,199.37 25.8 % 1,833.25 29.7 % 727.31 37.1 %
Q3 2009 3,511.17 23.9 % 1,982.11 26.5 % 861.69 32.4 %
Q4 2009 3,537.27 13.8 % 2,114.53 16.3 % 1,085.38 23.2 %
Q1 2010 3,581.38 27.4 % 1,827.12 13.0 % 762.94 43.0 %
Q2 2010 3,972.33 24.2 % 2,073.83 13.1 % 940.34 29.3 %
Q3 2010 3,988.50 13.6 % 2,309.86 16.5 % 1,186.77 37.7 %
Q4 2010 4,470.94 26.4 % 2,572.61 21.7 % 1,464.74 35.0 %
Q1 2011 4,484.30 25.2 % 2,289.13 25.3 % 1,053.67 38.1 %
Q2 2011 5,126.64 29.1 % 2,477.75 19.5 % 1,223.32 30.1 %
Q3 2011 4,639.69 16.3 % 2,472.28 7.0 % 1,274.05 7.4 %
Q4 2011 5,801.62 29.8 % 3,086.91 20.0 % 1,754.32 19.8 %
Q1 2012 5,008.63 11.7 % 2,613.09 14.2 % 1,253.50 19.0 %
Q2 2012 5,678.49 10.8 % 2,955.86 19.3 % 1,467.73 20.0 %
Q3 2012 6,183.15 33.3 % 2,986.06 20.8 % 1,569.10 23.2 %
Q4 2012 6,715.03 15.7 % 3,421.97 10.9 % 1,844.72 5.2 %
Q1 2013 5,593.04 11.7 % 2,693.80 3.1 % 1,327.05 5.9 %
Q2 2013 5,960.05 5.0 % 2,975.14 0.7 % 1,639.60 11.7 %
Q3 2013 4,883.46 (21.0 %) 3,292.03 10.2 % 1,675.24 6.8 %
Q4 2013 4,087.12 (39.1 %) 2,589.22 (24.3 %) 401.13 (78.3 %)
Q1 2014 3,853.06 (31.1 %) 2,163.70 (19.7 %) 420.73 (68.3 %)
Q2 2014 3,568.53 (40.1 %) 1,901.79 (36.1 %) 53.47 (96.7 %)
Q3 2014 3,859.86 (21.0 %) 2,182.85 (33.7 %) 127.01 (92.4 %)
Q4 2014 2,722.09 (33.4 %) 530.71 (79.5 %) (665.86) (266.0 %)
Q1 2015 3,680.13 (4.5 %) 1,917.62 (11.4 %) 67.99 (83.8 %)
Q2 2015 3,556.26 (0.3 %) 1,881.45 (1.1 %) (35.00) (165.5 %)
Q3 2015 3,700.08 (4.1 %) 2,025.03 (7.2 %) (50.04) (139.4 %)
Q4 2015 3,487.65 28.1 % 2,133.98 302.1 % 161.14 124.2 %
Q1 2016 3,440.28 (6.5 %) 1,924.97 0.4 % 140.29 106.4 %
Q2 2016 3,288.88 (7.5 %) 2,087.68 11.0 % 147.90 522.6 %
Q3 2016 2,931.84 (20.8 %) 1,741.18 (14.0 %) (137.78) (175.3 %)
Q4 2016 2,908.40 (16.6 %) 1,671.45 (21.7 %) 85.05 (47.2 %)
Q1 2017 2,865.06 (16.7 %) 1,664.83 (13.5 %) 87.56 (37.6 %)
Q2 2017 2,853.83 (13.2 %) 1,633.29 (21.8 %) 40.68 (72.5 %)
Q3 2017 2,805.75 (4.3 %) 1,672.02 (4.0 %) 85.38 162.0 %
Q4 2017 2,826.66 (2.8 %) 1,560.17 (6.7 %) 6.35 (92.5 %)
Q1 2018 2,832.51 (1.1 %) 1,662.77 (0.1 %) 93.24 6.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 480.16 47.3 % 0.62 - 480.16 0.62
Q2 2009 674.93 50.5 % 0.88 - 674.93 0.88
Q3 2009 806.85 49.6 % 1.05 - 806.85 1.05
Q4 2009 1,051.93 35.2 % 1.37 - 1,051.93 1.37
Q1 2010 714.06 48.7 % 0.93 - 714.06 0.93
Q2 2010 901.02 33.5 % 1.17 - 901.02 1.17
Q3 2010 1,137.55 41.0 % 1.48 - 1,137.55 1.48
Q4 2010 1,458.84 38.7 % 1.89 - 1,458.84 1.89
Q1 2011 998.23 39.8 % 1.30 - 998.23 1.30
Q2 2011 1,164.07 29.2 % 1.51 - 1,164.07 1.51
Q3 2011 1,223.77 7.6 % 1.59 - 1,223.77 1.59
Q4 2011 1,697.39 16.4 % 2.20 - 1,697.39 2.20
Q1 2012 1,207.45 21.0 % 1.57 - 1,207.45 1.57
Q2 2012 1,421.26 22.1 % 1.85 - 1,421.26 1.85
Q3 2012 1,511.41 23.5 % 1.96 - 1,511.41 1.96
Q4 2012 1,877.54 10.6 % 2.44 - 1,877.54 2.44
Q1 2013 1,339.64 10.9 % 1.74 - 1,339.64 1.74
Q2 2013 1,611.04 13.4 % 2.09 - 1,611.04 2.09
Q3 2013 1,631.94 8.0 % 2.12 - 1,631.94 2.12
Q4 2013 447.60 (76.2 %) 0.58 - 447.60 0.58
Q1 2014 310.69 (76.8 %) 0.40 - 310.69 0.40
Q2 2014 92.50 (94.3 %) 0.12 - 92.50 0.12
Q3 2014 129.46 (92.1 %) 0.17 - 129.46 0.17
Q4 2014 (2108.45) (571.1 %) (2.74) (1285.00) (823.45) (1.07)
Q1 2015 (44.52) (114.3 %) (0.06) (18.00) (26.52) (0.03)
Q2 2015 (900.91) (1074.0 %) (1.17) (782.00) (118.91) (0.15)
Q3 2015 (158.29) (222.3 %) (0.21) - (158.29) (0.21)
Q4 2015 10.59 100.5 % 0.01 (28.00) 38.59 0.05
Q1 2016 19.74 144.3 % 0.03 - 19.74 0.03
Q2 2016 3.18 100.4 % 0.00 - 3.18 0.00
Q3 2016 (166.33) (5.1 %) (0.22) 116.00 (282.33) (0.37)
Q4 2016 (70.22) (763.1 %) (0.09) - (70.22) (0.09)
Q1 2017 (163.10) (926.3 %) (0.21) (42.00) (121.10) (0.16)
Q2 2017 (189.66) (6069.6 %) (0.25) - (189.66) (0.25)
Q3 2017 (174.46) (4.9 %) (0.23) - (174.46) (0.23)
Q4 2017 (181.72) (158.8 %) (0.24) - (181.72) (0.24)
Q1 2018 (93.41) 42.7 % (0.12) - (93.41) (0.12)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2017 59.74 % 32.37 % (3.92 %)
Q2 2017 58.06 % 30.55 % (5.74 %)
Q3 2017 58.09 % 33.90 % (4.86 %)
Q4 2017 57.53 % 33.88 % (5.88 %)
Q1 2018 57.68 % 34.38 % (5.65 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2017 770.00 (0.51) (0.61) 19.22
Q2 2017 770.00 (0.77) (0.86) 18.97
Q3 2017 770.00 (0.78) (0.72) 18.75
Q4 2017 770.00 (0.92) (0.87) 18.51
Q1 2018 770.00 (0.83) (0.83) 18.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 70.85 70.85 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
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.08
Q3 2017 NEG NEG 0.93
Q4 2017 NEG NEG 0.80
Q1 2018 NEG NEG 0.84

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
Q1 2017 2,393.89 305.26 147.21 18.70
Q2 2017 2,352.58 306.60 170.72 23.93
Q3 2017 2,301.05 291.18 190.42 23.10
Q4 2017 2,412.37 221.58 168.63 24.08
Q1 2018 2,327.43 311.53 167.46 26.10

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average (180.20) (93.41) 48.16 %

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
Riyad Capital (157.00) (93.41) 40.5 %
SNB Capital (171.00) (93.41) 45.4 %
Al Rajhi Capital (176.00) (93.41) 46.9 %
Albilad Capital (185.00) (93.41) 49.5 %
Sico (194.00) (93.41) 51.9 %
AlJazira Capital (198.20) (93.41) 52.9 %


Financial Ratios
Current
Market Cap (M Riyal) 42,042.00
Enterprise Value (EV) (M) 45,576.68
Shares Outstanding ((M)) 770.00
EPS ( Riyal) (TTM) 3.73
Book Value (BV) ( Riyal) 23.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.04
P/E (TTM) 14.63
Price/book 2.35
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 16.5
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Share Price

Etihad Etisalat Co.
54.60
(0.90) (1.62 %)

Etihad Etisalat Co. (ETIHAD ETISALAT)

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