Mobily’s net profit down 41% to SAR 2496m for the first nine months of 2014 and a net profit of SAR 472m for Q3

30/09/2014 Argaam Exclusive

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Etihad Etisalat Co. (ETIHAD ETISALAT)

Etihad Etisalat Company (Mobily), a second mobile operator in Saudi Arabia, reported a net profit of SAR 2496m for the nine months ended September 30,2014, a 41% decrease compared to the same period last year.

A net profit of SAR 472m was reported for Q3-2014.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	14,015.55	11,281.45	(19.5 %)
Gross Income	8,617.44	6,248.34	(27.5 %)
Operating Income	4,303.58	601.22	(86.0 %)
Net Income	4,244.31	532.65	(87.5 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	5.51	0.69	(87.5 %)

The Company attributed the decrease of the first nine months of 2014’s net profit compared to the same period last year to the presence of non-recurring revenue and profit of wholesale & carrier services in the same period of the previous year, in addition to the increase of provisions and higher depreciation expenses in the current period.

The Company attributed the decline of Q3-2014’s net profit compared to the same period last year to the presence of non-recurring revenue and profit of wholesale & carrier services in the same quarter of the previous year, in addition to the increase of provisions and higher depreciation expenses in the current quarter.

The increase of Q3-2014’s net profit compared to the previous period (Q2-2014) was attributed to the financial impact resulting from the cancellation of Etihad Atheeb right of use agreement which led to the cancellation of SAR 338.7 million from the net income of previous quarter, despite the increase of provisions and higher depreciation expenses in the current quarter.

External auditor’s report drew attention to:

It was stated in the chartered accountant report that: We draw attention to Note 14 to the accompanying interim consolidated financial statements, which outlines the impact of restatements of revenue and net income, in addition to retained earnings and related balances, in:

The consolidated financial statements for the year ended December 31, 2013 and the interim consolidated financial statements for the comparative period in 2013 and for the periods ended March 31, 2014 and June 30, 2014 as a result of an error in the timing of revenue recognition in respect of a promotional program, and

The interim consolidated financial statements for the period ended June 30, 2014 relating to the timing of revenue recognition in respect of leasing elements of the fiber-optic communication network due to a lack of readiness for use in full by the end user of the service.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	4,883.46	3,859.86	(21.0 %)
Gross Income	3,292.03	2,182.85	(33.7 %)
Operating Income	1,675.24	127.01	(92.4 %)
Net Income	1,631.94	129.46	(92.1 %)
Average Shares	770.00	770.00	-
EPS (Riyals)	2.12	0.17	(92.1 %)

Item	Q2 2014	Q3 2014	Change‬
Revenues	3,568.53	3,859.86	8.2 %
Gross Income	1,901.79	2,182.85	14.8 %
Operating Income	53.47	127.01	137.5 %
Net Income	92.50	129.46	40.0 %
Average Shares	770.00	770.00	-
EPS (Riyals)	0.12	0.17	40.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	(412.48)	-	(0.59)
Q2 2005	58.46	-	3.54	-	(422.08)	-	(0.61)
Q3 2005	566.41	-	260.00	-	(165.63)	-	(0.24)
Q4 2005	1,036.87	-	430.96	-	(167.19)	-	(0.24)
2005	1,661.74	-	694.50	-	(1167.38)	-	(1.68)
Q1 2006	1,126.54	-	607.18	-	37.49	109.1 %	0.05
Q2 2006	1,450.06	2380.5 %	802.46	22581.2 %	116.13	127.5 %	0.17
Q3 2006	1,705.38	201.1 %	956.76	268.0 %	216.85	230.9 %	0.31
Q4 2006	1,901.26	83.4 %	1,155.65	168.2 %	329.89	297.3 %	0.47
2006	6,183.24	272.1 %	3,522.05	407.1 %	700.36	160.0 %	1.01
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
2007	8,440.43	36.5 %	4,648.24	32.0 %	1,379.55	97.0 %	1.98
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
2008	10,794.54	27.9 %	6,021.05	29.5 %	2,091.78	51.6 %	2.72
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
2009	13,058.26	21.0 %	7,546.55	25.3 %	3,013.87	44.1 %	3.91
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
2010	16,013.14	22.6 %	8,783.42	16.4 %	4,211.48	39.7 %	5.47
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
2011	20,052.25	25.2 %	10,326.07	17.6 %	5,083.46	20.7 %	6.60
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
2012	23,585.30	17.6 %	11,976.97	16.0 %	6,017.65	18.4 %	7.82
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
2013	18,102.67	(23.2 %)	11,206.67	(6.4 %)	4,691.91	(22.0 %)	6.09
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	-	-	-	-	-	-	-
2005	1,661.74	-	694.50	-	(1167.38)	-	(1.68)
2006	6,183.24	272.1 %	3,522.05	407.1 %	700.36	160.0 %	1.01
2007	8,440.43	36.5 %	4,648.24	32.0 %	1,379.55	97.0 %	1.98
2008	10,794.54	27.9 %	6,021.05	29.5 %	2,091.78	51.6 %	2.72
2009	13,058.26	21.0 %	7,546.55	25.3 %	3,013.87	44.1 %	3.91
2010	16,013.14	22.6 %	8,783.42	16.4 %	4,211.48	39.7 %	5.47
2011	20,052.25	25.2 %	10,326.07	17.6 %	5,083.46	20.7 %	6.60
2012	23,585.30	17.6 %	11,976.97	16.0 %	6,017.65	18.4 %	7.82
2013	18,102.67	(23.2 %)	11,206.67	(6.4 %)	4,691.91	(22.0 %)	6.09

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	41.79 %	(6.79 %)	(70.25 %)
2005	41.79 %	(6.79 %)	(70.25 %)
Q1 2006	46.68 %	14.82 %	(25.73 %)
Q2 2006	50.25 %	23.95 %	(4.29 %)
Q3 2006	52.59 %	27.49 %	3.82 %
Q4 2006	56.96 %	32.35 %	11.33 %
2006	56.96 %	32.35 %	11.33 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
2013	61.91 %	41.24 %	25.92 %
Q1 2014	58.67 %	37.38 %	21.30 %
Q2 2014	60.68 %	35.19 %	15.15 %
Q3 2014	57.50 %	28.75 %	6.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	41.79 %	(6.79 %)	(70.25 %)
2006	56.96 %	32.35 %	11.33 %
2007	55.07 %	34.91 %	16.34 %
2008	55.78 %	35.15 %	19.38 %
2009	57.79 %	37.04 %	23.08 %
2010	54.85 %	38.50 %	26.30 %
2011	51.50 %	37.17 %	25.35 %
2012	50.78 %	36.18 %	25.51 %
2013	61.91 %	41.24 %	25.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	6.05 %	(234.60 %)	(722.02 %)
Q3 2005	45.90 %	17.21 %	(29.24 %)
Q4 2005	41.56 %	11.71 %	(16.12 %)
Q1 2006	53.90 %	29.42 %	3.33 %
Q2 2006	55.34 %	31.08 %	8.01 %
Q3 2006	56.10 %	32.74 %	12.72 %
Q4 2006	60.78 %	34.71 %	17.35 %
Q1 2007	52.61 %	32.66 %	13.35 %
Q2 2007	54.79 %	33.12 %	14.98 %
Q3 2007	55.35 %	33.64 %	14.62 %
Q4 2007	56.98 %	39.29 %	21.34 %
Q1 2008	53.02 %	31.47 %	14.13 %
Q2 2008	55.55 %	33.42 %	17.63 %
Q3 2008	55.29 %	34.34 %	19.04 %
Q4 2008	58.46 %	40.04 %	25.02 %
Q1 2009	57.52 %	32.32 %	17.08 %
Q2 2009	57.30 %	35.32 %	21.10 %
Q3 2009	56.45 %	36.39 %	22.98 %
Q4 2009	59.78 %	42.99 %	29.74 %
Q1 2010	51.02 %	32.94 %	19.94 %
Q2 2010	52.21 %	34.94 %	22.68 %
Q3 2010	57.91 %	41.33 %	28.52 %
Q4 2010	57.54 %	43.58 %	32.63 %
Q1 2011	51.05 %	32.23 %	22.26 %
Q2 2011	48.33 %	36.90 %	22.71 %
Q3 2011	53.29 %	39.07 %	26.38 %
Q4 2011	53.21 %	39.72 %	29.26 %
Q1 2012	52.17 %	36.15 %	24.11 %
Q2 2012	52.05 %	35.92 %	25.03 %
Q3 2012	48.29 %	35.58 %	24.44 %
Q4 2012	50.96 %	36.99 %	27.96 %
Q1 2013	48.16 %	34.68 %	23.95 %
Q2 2013	49.92 %	38.59 %	27.03 %
Q3 2013	67.41 %	48.31 %	33.42 %
Q4 2013	63.35 %	29.45 %	10.95 %
Q1 2014	56.16 %	30.06 %	8.06 %
Q2 2014	53.29 %	29.36 %	2.59 %
Q3 2014	56.55 %	26.11 %	3.35 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	696.67	-	-	6.58
Q2 2005	696.67	-	-	5.98
Q3 2005	696.67	-	-	5.74
Q4 2005	696.67	(1.68)	(1.68)	5.50
Q1 2006	696.67	(1.03)	(1.03)	5.56
Q2 2006	696.67	(0.26)	(0.26)	5.72
Q3 2006	696.67	0.29	0.29	6.03
Q4 2006	696.67	1.01	1.01	6.51
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	696.67	(1.68)	(1.68)	5.50
2006	696.67	1.01	1.01	6.51
2007	696.67	1.98	1.98	8.49
2008	770.00	2.72	2.72	12.67
2009	770.00	3.91	3.91	15.90
2010	770.00	5.47	5.47	20.23
2011	770.00	6.60	6.60	23.88
2012	770.00	7.82	7.82	27.15
2013	770.00	6.09	6.09	27.42

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	11.84
Q2 2005	-	-	17.14
Q3 2005	-	-	17.15
Q4 2005	NEG	NEG	20.19
Q1 2006	NEG	NEG	17.54
Q2 2006	NEG	NEG	12.06
Q3 2006	More than 50	More than 50	9.83
Q4 2006	41.03	41.03	6.34
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

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	NEG	NEG	20.19
2006	41.03	41.03	6.34
2007	29.44	29.44	6.87
2008	10.37	10.37	2.22
2009	10.08	10.08	2.48
2010	9.18	9.18	2.48
2011	7.23	7.23	2.00
2012	8.84	8.84	2.54
2013	14.03	14.03	3.12

Financial Ratios

	Current
Market Cap (M Riyal)	39,501.00
Enterprise Value (EV) (M)	42,826.96
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)	16.02
P/E (TTM)	16.43
Price/book	2.16
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	13.7

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Mobily’s net profit down 41% to SAR 2496m for the first nine months of 2014 and a net profit of SAR 472m for Q3

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Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Mobily’s net profit down 41% to SAR 2496m for the first nine months of 2014 and a net profit of SAR 472m for Q3

View other reports

Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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