Etihad Etisalat Co. (Mobily) reported a net profit of SAR 962 million for H1 2023, an increase of 42% from SAR 679 million in a prior-year period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 7,709.76 | 8,299.00 | 7.6 % |
| Gross Income | 4,570.70 | 4,741.19 | 3.7 % |
| Operating Income | 973.90 | 1,283.17 | 31.8 % |
| Net Income | 678.53 | 962.24 | 41.8 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.88 | 1.25 | 41.8 % |
This was primarily backed by a 7.6% increase year-on-year (YoY) in revenue and 3.7% higher gross profit YoY. In addition, EBITDA rose 7.8% YoY to reach SAR 3.14 billion, while EBITDA margin remained unchanged at 37.8% in the current period compared to the similar period of the previous year. Operating profit for the current period increased by 31.7% YoY to reach SAR 1.28 billion.
Q2 2023 net earnings reached SAR 497 million, a jump of 38% from SAR 359.5 million in Q2 2022.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 3,898.75 | 4,247.76 | 9.0 % |
| Gross Income | 2,333.12 | 2,435.49 | 4.4 % |
| Operating Income | 513.01 | 656.14 | 27.9 % |
| Net Income | 359.50 | 497.32 | 38.3 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.47 | 0.65 | 38.3 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 4,069.64 | 4,247.76 | 4.4 % |
| Gross Income | 2,269.95 | 2,435.49 | 7.3 % |
| Operating Income | 635.74 | 656.14 | 3.2 % |
| Net Income | 464.92 | 497.32 | 7.0 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.60 | 0.65 | 7.0 % |
Mobily continued to grow its revenue by 9% to reach SAR 4.24 billion in Q2 2023 from SAR 3.89 billion in the year-earlier period, on growth of all revenue streams.
Gross profit increased by 4.4% to reach SAR 2.43 billion in Q2 2023 from SAR 2.33 billion in Q2 2022.
Additionally, EBITDA increased by 7.4% YoY in Q2 2023 to SAR 1.58 billion, reflecting revenue growth in addition to the company’s efficiency in managing its operations.
On a sequential basis, Q2 earnings grew 6.9%.
Total shareholders’ equity, no minority interest, stood at SAR 16.40 billion by the end of H1 2023, compared to SAR 15.29 billion in a year-earlier period.
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