Mobily 2022 profit jumps 55% to SAR 1.65 bln; Q4 soars to SAR 606 mln

Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 1.65 billion for 2022, a rise of 55% from SAR 1.07 billion in 2021.

The profit increase was driven by higher revenue, which rose 5.6% to SAR 15.66 billion in 2022 from SAR 14.83 billion last year, as all revenue streams recorded growth along with an increase in the subscriber base.

As a result, gross profit rose 8% year-on-year (YoY) to SAR 9.36 billion in 2022.

Mobily delivered its highest earnings before interest, taxes, depreciation and amortization (EBITDA) over the past nine years. EBITDA grew 10.4% YoY to SAR 6.16 billion in 2022. EBITDA margin increased to reach 39.3% in 2022 versus 37.6% in 2021.

In addition, operational profit increased by 39.7% YoY to SAR 2.31 billion.

Meanwhile, financial charges increased by 20.2% YoY to SAR 607 million, reflecting the increase in interest rate.

Zakat expenses stood at SAR 122 million in 2022 compared to SAR 79 million in 2021.

The fourth-quarter net profit after Zakat and tax grew 89% to SAR 606 million, from SAR 320.82 million in Q4 2021.

Sequentially, net profit grew 62.7% from SAR 372.52 million in Q3 2022.

Total shareholders’ equity, excluding minority interest, reached SAR 16.35 billion as of Dec. 31, 2022, compared to SAR 15.19 billion a year earlier.

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