Etihad Etisalat posts SAR 783 mln profit in 2020

Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 783 million for 2020, compared to SAR 31 million in 2019. 

The profit was driven by a 4.4% year-on-year (YoY) increase in revenue on growth in subscriber base and a rise in data revenues, the telco said in a bourse statement. 

The company also cited an increase in revenues from wholesale and business units.

Mobily reported a 4.5% increase in gross profit to SAR 8.15 billion in 2020 as compared to SAR 7.8 billion in 2019 on improvement in revenues.

The telco’s net debt amounted to SAR 10.6 billion for 2020, while it improved substantially on its operational cash flow.

Mobily succeeded in increasing its EBITDA to reach SAR 5.3 billion in 2020 versus SAR 4.9 billion in 2019, an increase of 8.2%, the highest achieved in seven years. The increase is mainly attributed to the growth of revenues and management of efficiency in operations.

In Q4 2020, the telco turned to a net profit after Zakat and tax of SAR 245.7 million from a net loss of SAR 124.8 million in the same period a year ago.a