Mobily 2024 profit jumps 39% to SAR 3.1B; Q4 at SAR 979.6M

19/02/2025 Argaam Exclusive

Etihad Etisalat Co. (Mobily) reported a net profit of SAR 3.1 billion for 2024, an increase of 39% from SAR 2.23 billion in the prior year.



Financials (M)

Item 2023 2024 Change‬
Revenues 16,762.68 18,206.00 8.6 %
Gross Income 9,253.00 9,894.00 6.9 %
Operating Income 2,977.26 3,530.00 18.6 %
Net Income 2,231.98 3,107.00 39.2 %
Average Shares 770.00 770.00 -
Earnings Per Share before unusual items (Riyals) 2.98 3.85 29.4 %
EPS (Riyals) 2.90 4.04 39.2 %

Mobily’s revenues grew 8.6% year-on-year (YoY) to SAR 18.20 billion in 2024, on higher earnings across all segments and an expansion in the customer base. Gross profit climbed 6.9% YoY to SAR 9.89 billion.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 8.6% YoY to SAR 7.19 billion, due to the company's efficiency in managing its operational processes, in addition to the positive impact of reversing a withholding tax provision of SAR 284 million. The EBITDA margin remained stable at 39.5% in 2024.

 

Operating profit increased 18.6% YoY to SAR 3.53 billion, while financing charges fell by 10.8% YoY to SAR 615 million in 2024 due to a reduction in the debt portfolio.

 

Zakat and income tax amounted to SAR 86 million, down from SAR 217 million for the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 4,306.00 4,696.76 9.1 %
Gross Income 2,265.21 2,505.00 10.6 %
Operating Income 983.00 1,057.00 7.5 %
Net Income 746.00 979.56 31.3 %
Average Shares 770.00 770.00 -
Earnings Per Share before unusual items (Riyals) 1.05 1.27 21.3 %
EPS (Riyals) 0.97 1.27 31.3 %

Q4 2024 net profit surged 31% YoY to SAR 979.6 million.

 

On a sequential basis, earnings grew 18.2% from SAR 828.55 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 18.87 billion by the end of 2024, compared to SAR 17.62 billion in 2023.

 

Attached Documents

 

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Quarterly Actuals vs Estimates 19/02/2025

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Share Price

Etihad Etisalat Co.
63.00
3.20 5.35 %

Etihad Etisalat Co. (ETIHAD ETISALAT)

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Financial Ratios
Current
Market Cap (M Riyal) 48,510.00
Enterprise Value (EV) (M) 52,044.68
Shares Outstanding ((M)) 770.00
EPS ( Riyal) (TTM) 4.04
Book Value (BV) ( Riyal) 24.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.35
P/E (TTM) 15.61
Price/book 2.57
Return on Average Assets (%) (TTM) 8.1
Return on Average Equity (%) (TTM) 10.8
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