Mobily's record Q3 profit growth boosted by strong revenues: CFO

Etihad Etisalat Co. (Mobily) showed robust financial and operational performance in the third quarter of 2024, as net earnings leapt 58% year-on-year (YoY), CFO Khaled Abanami told Argaam.

Mobily 9M 2024 profit up 43% to SAR 2.12B; Q3 at SAR 828.6M
 

The telco reported a net profit of SAR 2.12 billion for first nine months of 2024, an increase of 43% from SAR 1.48 billion in the prior-year period. Q3 2024 net profit surged 58% YoY to SAR 828.5 million, from SAR 523.8 million a year earlier.

Abanmi added that this record growth resulted from revenue increase across all segments, particularly the business segment as well as strong customer base. He noted that operational efficiency contributed to higher EBITDA, supporting a strong profit margin.
 

Mobily cut its financing portfolio by over SAR 2.1 billion and financing expenses by 9.2%, which were reflected positively on the company's Q3 financial results.
 

The CFO indicated that the business segment accounted for the largest revenue share due to efforts in digital transformation, product innovation, and strategic partnerships with the government and SMEs, aligning with the Kingdom's Vision 2030.
 

In the individuals segment, the telecom operator continued to enhance customer experience through diversifying products and services to create exceptional customer experiences.
 

Additionally, the carriers segment signed a hosting agreement with Red Bull Mobile, leveraging Mobily’s infrastructure to reach new customer segments, support digital economy growth, and offer innovative solutions.
 

According to Abanmi, the mobile customer base grew by 1.5% YoY to reach 11.7 million in Q3 2024, while fiber-optic subscriptions rose by 0.2% to 0.283 million. This growth stemmed from Mobily's investments in network development, 5G expansion, IoT, data centers, and subsea cables.
 

He stressed the company's commitment to enhance customer experience and efforts to maintain competitiveness among telecom providers in the Kingdom.
 

The CFO added that Mobily is dedicated to sustainability practices, stating that the company continues to implement corporate governance as well as environmental and social policies in line with Vision 2030.
 

The telecom services provider also made progress in reducing carbon emissions, adopting renewable energy sources, improving energy efficiency, and embracing a circular economy approach, leading to its upgrade to an 'AA' rating on the MSCI Index in 2024, the CFO said.
 

Mobily values ethical practices, inclusivity, and community development, Abanmi said, reaffirming its commitment to training and supporting employees with valuable development opportunities to achieve its sustainability goals in line with local and global best practices.