Mobily H1 2024 profit up 35% to SAR 1.29B, Q2 at SAR 661M

Etihad Etisalat Co. (Mobily) reported a 35% leap in H1 2024 net profit to SAR 1.29 billion, from SAR 962.2 million in the year-earlier period.

Revenues grew in H1 2024 by 8.1% to SAR 9.01 billion from SAR 8.33 billion in the same period last year due to the expansion of all revenue streams, driven mainly by the business segment.

Gross profit increased by 3.3% to SAR 4.82 billion in H1 2024 versus SAR 4.66 billion in H1 2023, mirroring the growth in revenues.

Mobily’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 4.5% to SAR 3.30 billion in H1 2024, up from SAR 3.15 billion in H1 2023 on higher revenues.

EBITDA margin reached 36.6% in the current period versus 37.9% a year before.

Operating profit increased by 16.1% to SAR 1.51 billion in H1 2024, compared to SAR 1.30 billion in H1 2023, driven by the rise in EBITDA.

Financing charges decreased 14.8% YoY to SAR 297 million on a reduction in the debt portfolio.

Zakat and income tax amounted to SAR 63 million in H1 2024, compared to SAR 75 million a year before.

The second-quarter net profit climbed 33% to SAR 661 million from SAR 497.32 million in Q2 2023, driven mainly by higher revenues and EBITDA as well as lower Zakat and income tax.

Sequentially, Q2 2024 net profit rose 3.6% from SAR 637.77 million in Q1 2024.

Shareholders’ equity, no minority interest, increased to SAR 17.76 billion as of June 30, 2024, from SAR 16.40 billion a year earlier.

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