Mobily’s net profit more than triples to SAR 537 mln in 9M 2020

Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 537 million for the first nine months of 2020, compared to a net profit of SAR 156 million a year earlier, driven by a 5.82% year-on-year (YoY) rise in revenue to SAR 10.5 billion.

Mobily’s nine-month results were also driven by growth in business unit revenues, improved consumer revenues, as well as the growth in FTTH active base and wholesale revenues.

Gross profit, EBITDA and operating profit also saw an increase, while financial charges dropped to SAR 434 million from SAR 635 million in the first nine months of 2019.

The third-quarter net profit after Zakat and tax rose over four times to SAR 222 million, compared to a net profit of SAR 51 million in Q3 2019, despite a 1.4% decline YoY in revenue.

Mobily reported higher gross profit, EBITDA and operating profit. Moreover, financial charges for Q3 2020 declined to SAR 134 million compared to SAR 206 million in Q3 2019, with Zakat expenses also decreasing to SAR 3 million from SAR 16 million in Q3 2019.

When compared to the previous quarter, the telecom operator’s net profit increased by 20%.