Mobily 9M 2023 profit jumps 41% to SAR 1.48 bln; Q3 at SAR 524 mln

Etihad Etisalat Co. (Mobily) reported a net profit of SAR 1.48 billion for first nine months of 2023, an increase of 41% from SAR 1.05 billion in the prior-year period.

The telco said its revenues for the period grew by 7.5% year-on-year (YoY) to SAR 12.4 billion, supported by all segments, mainly the business segment, with a healthy growth in the overall subscriber base. Higher top line pushed gross profit up 3.4% YoY to SAR 7.1 billion. 

Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 7.8% YoY to SAR 4.73 billion. EBITDA margin increased to 38.2% versus 38.1% in 9M 2022. Operating profit jumped 31.6% YoY to SAR 1.97 billion.

Meanwhile, reflecting the increase in interest rate, finance charges for the current period increased by 22% YoY to SAR 510 million, Mobily said. Zakat and income tax amounted to SAR 123 million compared to SAR 78 million for the similar period of the previous year.

Q3 2023 net profit surged 40% YoY to SAR 524 million, as revenue rose 7.1% YoY and gross profit was up 2.7% YoY. EBITDA increased 8% YoY to SAR 1.59 billion, reflecting the growth in revenue in addition to the company’s efficiency in managing its operations.

Finance charges reached SAR 162 million in Q3 2023, up 8% YoY, due to the increase in interest rate. Zakat and income tax came in at SAR 48 million compared to SAR 22 million in Q3 2022.

On a sequential basis, Q3 earnings grew 5.4%.

Total shareholders’ equity, no minority interest, stood at SAR 16.91 billion by the end of 9M 2023, compared to SAR 15.70 billion in the year-earlier period.

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