Financial Results : Mobily posts SAR 199 mln net losses in Q1-2015

Mobily posts SAR 199 mln net losses in Q1-2015

21/04/2015 Argaam Exclusive

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Etihad Etisalat Telecommunication Company (Mobily), the second-largest mobile operator in Saudi Arabia, reported a net loss of SAR 199 million for first quarter, compared to a net profit of SAR 1,612 million in the same period in 2014.

 
The year-on-year drop was mainly attributed to the increase of depreciation expenses by SAR 250 million due to higher to catch-up depreciation expenses, (SAR 183 million).
 
The company also booked additional doubtful debt provisions amounting to SAR 133 million, mainly for the non-performing receivables from customers, in addition to a decrease in revenue attributed to the presence of non-recurring data revenue.
 
Compared to Q4-2014, lower losses were driven by the financial impact resulting from one-time adjustments that negatively impacted the net income of the previous quarter, the company added. Mobily had reported SAR 3,410 million in losses for Q4. 


Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Revenues 3,853.06 3,680.13 (4.5 %)
Gross Income 2,163.70 1,917.62 (11.4 %)
Operating Income 420.73 67.99 (83.8 %)
Net Income 310.69 (44.52) (114.3 %)
Average Shares 770.00 770.00 -
EPS (Riyals) 0.40 (0.06) (114.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 1,126.54 - 607.18 - 130.54 138.6 %
Q2 2006 1,450.06 2380.5 % 802.46 22581.2 % 237.34 165.3 %
Q3 2006 1,705.38 201.1 % 956.76 268.0 % 342.46 419.3 %
Q4 2006 1,901.26 83.4 % 1,155.65 168.2 % 445.19 1120.8 %
Q1 2007 1,876.72 66.6 % 987.29 62.6 % 370.92 184.1 %
Q2 2007 2,028.88 39.9 % 1,111.54 38.5 % 429.04 80.8 %
Q3 2007 2,124.14 24.6 % 1,175.69 22.9 % 450.37 31.5 %
Q4 2007 2,410.70 26.8 % 1,373.72 18.9 % 665.56 49.5 %
Q1 2008 2,307.79 23.0 % 1,223.60 23.9 % 433.91 17.0 %
Q2 2008 2,543.55 25.4 % 1,413.01 27.1 % 530.45 23.6 %
Q3 2008 2,833.73 33.4 % 1,566.76 33.3 % 650.78 44.5 %
Q4 2008 3,109.47 29.0 % 1,817.68 32.3 % 880.78 32.3 %
Q1 2009 2,810.46 21.8 % 1,616.66 32.1 % 533.50 23.0 %
Q2 2009 3,199.37 25.8 % 1,833.25 29.7 % 727.31 37.1 %
Q3 2009 3,511.17 23.9 % 1,982.11 26.5 % 861.69 32.4 %
Q4 2009 3,537.27 13.8 % 2,114.53 16.3 % 1,085.38 23.2 %
Q1 2010 3,581.38 27.4 % 1,827.12 13.0 % 762.94 43.0 %
Q2 2010 3,972.33 24.2 % 2,073.83 13.1 % 940.34 29.3 %
Q3 2010 3,988.50 13.6 % 2,309.86 16.5 % 1,186.77 37.7 %
Q4 2010 4,470.94 26.4 % 2,572.61 21.7 % 1,464.74 35.0 %
Q1 2011 4,484.30 25.2 % 2,289.13 25.3 % 1,053.67 38.1 %
Q2 2011 5,126.64 29.1 % 2,477.75 19.5 % 1,223.32 30.1 %
Q3 2011 4,639.69 16.3 % 2,472.28 7.0 % 1,274.05 7.4 %
Q4 2011 5,801.62 29.8 % 3,086.91 20.0 % 1,754.32 19.8 %
Q1 2012 5,008.63 11.7 % 2,613.09 14.2 % 1,253.50 19.0 %
Q2 2012 5,678.49 10.8 % 2,955.86 19.3 % 1,467.73 20.0 %
Q3 2012 6,183.15 33.3 % 2,986.06 20.8 % 1,569.10 23.2 %
Q4 2012 6,715.03 15.7 % 3,421.97 10.9 % 1,844.72 5.2 %
Q1 2013 5,593.04 11.7 % 2,693.80 3.1 % 1,327.05 5.9 %
Q2 2013 5,960.05 5.0 % 2,975.14 0.7 % 1,639.60 11.7 %
Q3 2013 4,883.46 (21.0 %) 3,292.03 10.2 % 1,675.24 6.8 %
Q4 2013 4,087.12 (39.1 %) 2,589.22 (24.3 %) 401.13 (78.3 %)
Q1 2014 3,853.06 (31.1 %) 2,163.70 (19.7 %) 420.73 (68.3 %)
Q2 2014 3,568.53 (40.1 %) 1,901.79 (36.1 %) 53.47 (96.7 %)
Q3 2014 3,859.86 (21.0 %) 2,182.85 (33.7 %) 127.01 (92.4 %)
Q4 2014 2,722.09 (33.4 %) 530.71 (79.5 %) (665.86) (266.0 %)
Q1 2015 3,680.13 (4.5 %) 1,917.62 (11.4 %) 67.99 (83.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 37.49 109.1 % 0.05 - 37.49 0.05
Q2 2006 116.13 127.5 % 0.17 - 116.13 0.17
Q3 2006 216.85 230.9 % 0.31 - 216.85 0.31
Q4 2006 329.89 297.3 % 0.47 - 329.89 0.47
Q1 2007 250.61 568.5 % 0.36 - 250.61 0.36
Q2 2007 303.85 161.7 % 0.44 - 303.85 0.44
Q3 2007 310.62 43.2 % 0.45 - 310.62 0.45
Q4 2007 514.47 56.0 % 0.74 - 514.47 0.74
Q1 2008 326.01 30.1 % 0.47 - 326.01 0.47
Q2 2008 448.41 47.6 % 0.64 - 448.41 0.64
Q3 2008 539.43 73.7 % 0.77 - 539.43 0.77
Q4 2008 777.93 51.2 % 1.01 - 777.93 1.01
Q1 2009 480.16 47.3 % 0.62 - 480.16 0.62
Q2 2009 674.93 50.5 % 0.88 - 674.93 0.88
Q3 2009 806.85 49.6 % 1.05 - 806.85 1.05
Q4 2009 1,051.93 35.2 % 1.37 - 1,051.93 1.37
Q1 2010 714.06 48.7 % 0.93 - 714.06 0.93
Q2 2010 901.02 33.5 % 1.17 - 901.02 1.17
Q3 2010 1,137.55 41.0 % 1.48 - 1,137.55 1.48
Q4 2010 1,458.84 38.7 % 1.89 - 1,458.84 1.89
Q1 2011 998.23 39.8 % 1.30 - 998.23 1.30
Q2 2011 1,164.07 29.2 % 1.51 - 1,164.07 1.51
Q3 2011 1,223.77 7.6 % 1.59 - 1,223.77 1.59
Q4 2011 1,697.39 16.4 % 2.20 - 1,697.39 2.20
Q1 2012 1,207.45 21.0 % 1.57 - 1,207.45 1.57
Q2 2012 1,421.26 22.1 % 1.85 - 1,421.26 1.85
Q3 2012 1,511.41 23.5 % 1.96 - 1,511.41 1.96
Q4 2012 1,877.54 10.6 % 2.44 - 1,877.54 2.44
Q1 2013 1,339.64 10.9 % 1.74 - 1,339.64 1.74
Q2 2013 1,611.04 13.4 % 2.09 - 1,611.04 2.09
Q3 2013 1,631.94 8.0 % 2.12 - 1,631.94 2.12
Q4 2013 447.60 (76.2 %) 0.58 - 447.60 0.58
Q1 2014 310.69 (76.8 %) 0.40 - 310.69 0.40
Q2 2014 92.50 (94.3 %) 0.12 - 92.50 0.12
Q3 2014 129.46 (92.1 %) 0.17 - 129.46 0.17
Q4 2014 (2108.45) (571.1 %) (2.74) (1285.00) (823.45) (1.07)
Q1 2015 (44.52) (114.3 %) (0.06) (18.00) (26.52) (0.03)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 46.68 % 14.82 % (25.73 %)
Q2 2006 50.25 % 23.95 % (4.29 %)
Q3 2006 52.59 % 27.49 % 3.82 %
Q4 2006 56.96 % 32.35 % 11.33 %
Q1 2007 56.28 % 32.91 % 13.18 %
Q2 2007 56.06 % 33.32 % 14.66 %
Q3 2007 55.86 % 33.53 % 15.07 %
Q4 2007 55.07 % 34.91 % 16.34 %
Q1 2008 55.06 % 34.49 % 16.40 %
Q2 2008 55.25 % 34.50 % 17.04 %
Q3 2008 55.24 % 34.64 % 18.11 %
Q4 2008 55.78 % 35.15 % 19.38 %
Q1 2009 56.78 % 35.20 % 19.88 %
Q2 2009 57.18 % 35.61 % 20.68 %
Q3 2009 57.40 % 36.11 % 21.69 %
Q4 2009 57.79 % 37.04 % 23.08 %
Q1 2010 56.09 % 36.94 % 23.48 %
Q2 2010 54.77 % 36.75 % 23.79 %
Q3 2010 55.21 % 38.04 % 25.23 %
Q4 2010 54.85 % 38.50 % 26.30 %
Q1 2011 54.65 % 38.01 % 26.58 %
Q2 2011 53.40 % 38.37 % 26.33 %
Q3 2011 52.41 % 37.91 % 25.88 %
Q4 2011 51.50 % 37.17 % 25.35 %
Q1 2012 51.76 % 38.00 % 25.72 %
Q2 2012 52.67 % 37.71 % 26.27 %
Q3 2012 51.35 % 36.85 % 25.75 %
Q4 2012 50.78 % 36.18 % 25.51 %
Q1 2013 49.89 % 35.84 % 25.44 %
Q2 2013 49.39 % 36.50 % 25.93 %
Q3 2013 53.49 % 39.23 % 27.90 %
Q4 2013 56.28 % 38.02 % 24.51 %
Q1 2014 58.67 % 37.38 % 21.30 %
Q2 2014 60.68 % 35.19 % 15.15 %
Q3 2014 57.50 % 28.75 % 6.38 %
Q4 2014 48.41 % 24.77 % (2.08 %)
Q1 2015 47.24 % 23.57 % (4.54 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 696.67 (1.03) (1.03) 5.56
Q2 2006 696.67 (0.26) (0.26) 5.72
Q3 2006 696.67 0.29 0.29 6.03
Q4 2006 696.67 1.01 1.01 6.51
Q1 2007 696.67 1.31 1.31 6.87
Q2 2007 696.67 1.58 1.58 7.30
Q3 2007 696.67 1.72 1.72 7.75
Q4 2007 696.67 1.98 1.98 8.49
Q1 2008 696.67 2.09 2.09 8.60
Q2 2008 696.67 2.30 2.30 9.24
Q3 2008 696.67 2.62 2.62 10.01
Q4 2008 770.00 2.72 2.72 12.67
Q1 2009 770.00 2.92 2.92 12.61
Q2 2009 770.00 3.21 3.21 13.49
Q3 2009 770.00 3.56 3.56 14.53
Q4 2009 770.00 3.91 3.91 15.90
Q1 2010 770.00 4.22 4.22 15.69
Q2 2010 770.00 4.51 4.51 16.86
Q3 2010 770.00 4.94 4.94 18.34
Q4 2010 770.00 5.47 5.47 20.23
Q1 2011 770.00 5.84 5.84 19.71
Q2 2011 770.00 6.18 6.18 21.22
Q3 2011 770.00 6.29 6.29 21.68
Q4 2011 770.00 6.60 6.60 23.88
Q1 2012 770.00 6.87 6.87 23.63
Q2 2012 770.00 7.21 7.21 24.57
Q3 2012 770.00 7.58 7.58 25.62
Q4 2012 770.00 7.82 7.82 27.15
Q1 2013 770.00 7.99 7.99 27.74
Q2 2013 770.00 8.23 8.23 28.68
Q3 2013 770.00 8.39 8.39 29.16
Q4 2013 770.00 6.53 6.53 27.42
Q1 2014 770.00 5.20 5.20 26.58
Q2 2014 770.00 3.22 3.22 25.45
Q3 2014 770.00 1.27 1.27 24.36
Q4 2014 770.00 (2.05) (0.38) 21.63
Q1 2015 770.00 (2.51) (0.82) 21.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 NEG NEG 17.54
Q2 2006 NEG NEG 12.06
Q3 2006 More than 100 More than 100 9.83
Q4 2006 41.03 41.03 6.34
Q1 2007 29.65 29.65 5.66
Q2 2007 24.09 24.09 5.21
Q3 2007 30.76 30.76 6.81
Q4 2007 29.44 29.44 6.87
Q1 2008 22.13 22.13 5.38
Q2 2008 18.49 18.49 4.59
Q3 2008 13.67 13.67 3.58
Q4 2008 10.37 10.37 2.22
Q1 2009 10.75 10.75 2.49
Q2 2009 9.94 9.94 2.37
Q3 2009 10.63 10.63 2.60
Q4 2009 10.08 10.08 2.48
Q1 2010 10.83 10.83 2.91
Q2 2010 9.65 9.65 2.58
Q3 2010 9.80 9.80 2.64
Q4 2010 9.18 9.18 2.48
Q1 2011 8.02 8.02 2.38
Q2 2011 7.72 7.72 2.25
Q3 2011 7.66 7.66 2.22
Q4 2011 7.23 7.23 2.00
Q1 2012 8.66 8.66 2.52
Q2 2012 7.92 7.92 2.32
Q3 2012 8.12 8.12 2.40
Q4 2012 8.84 8.84 2.54
Q1 2013 10.24 10.24 2.95
Q2 2013 9.84 9.84 2.82
Q3 2013 10.10 10.10 2.91
Q4 2013 13.09 13.09 3.12
Q1 2014 17.85 17.85 3.49
Q2 2014 25.37 25.37 3.21
Q3 2014 70.85 70.85 3.70
Q4 2014 NEG NEG 2.03
Q1 2015 NEG NEG 1.77

Analysts Estimates (Million)

Item Q1 2015 (e) Q1 2015 (a) Change‬
Average 414.50 (44.52) (110.7 %)

Estimates vs Actual (Million)

Item Q1 2015 (e) Q1 2015 (a) Change
SNB Capital 515.00 (44.52) (108.6) %
Al Rajhi Capital 314.00 (44.52) (114.2) %


Financial Ratios
Current
Market Cap (M Riyal) 42,042.00
Enterprise Value (EV) (M) 45,576.68
Shares Outstanding ((M)) 770.00
EPS ( Riyal) (TTM) 3.73
Book Value (BV) ( Riyal) 23.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.04
P/E (TTM) 14.63
Price/book 2.35
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 16.5
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Share Price

Etihad Etisalat Co.
54.60
(0.90) (1.62 %)

Etihad Etisalat Co. (ETIHAD ETISALAT)

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