Mobily H1 2023 profit rises 42% to SAR 962 mln; Q2 at SAR 497 mln

Etihad Etisalat Co. (Mobily) reported a net profit of SAR 962 million for H1 2023, an increase of 42% from SAR 679 million in a prior-year period. 

This was primarily backed by a 7.6% increase year-on-year (YoY) in revenue and 3.7% higher gross profit YoY. In addition, EBITDA rose 7.8% YoY to reach SAR 3.14 billion, while EBITDA margin remained unchanged at 37.8% in the current period compared to the similar period of the previous year. Operating profit for the current period increased by 31.7% YoY to reach SAR 1.28 billion.

Q2 2023 net earnings reached SAR 497 million, a jump of 38% from SAR 359.5 million in Q2 2022. 

Mobily continued to grow its revenue by 9% to reach SAR 4.24 billion in Q2 2023 from SAR 3.89 billion in the year-earlier period, on growth of all revenue streams. 

Gross profit increased by 4.4% to reach SAR 2.43 billion in Q2 2023 from SAR 2.33 billion in Q2 2022. 

Additionally, EBITDA increased by 7.4% YoY in Q2 2023 to SAR 1.58 billion, reflecting revenue growth in addition to the company’s efficiency in managing its operations. 

On a sequential basis, Q2 earnings grew 6.9%.

Total shareholders’ equity, no minority interest, stood at SAR 16.40 billion by the end of H1 2023, compared to SAR 15.29 billion in a year-earlier period. 

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