Financial Results : Mobily posts H1-15 loss at SAR 945.4 mln

Mobily posts H1-15 loss at SAR 945.4 mln

08/02/2015 Argaam Exclusive

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Etihad Etisalat Company (Mobily), the second-largest mobile operator in Saudi Arabia, reported a net loss of SAR 945.4 million for the first half of 2015, compared to a net profit of SAR 403.2 million in the same period last year, mainly attributed to an additional doubtful debt provision at SAR 800 million from its dispute with Zain Saudi.

 

The loss was also driven by higher Zakat, general and administrative expenses, as well as lower revenues.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 7,421.58 7,236.39 (2.5 %)
Gross Income 4,065.49 3,799.08 (6.6 %)
Operating Income 474.20 32.98 (93.0 %)
Net Income 403.19 (945.43) (334.5 %)
Average Shares 770.00 770.00 -
EPS (Riyals) 0.52 (1.23) (334.5 %)

 

In Q2, the telco reported a net loss of SAR 900.9 million, compared to a profit of SAR 92.5 million in the same quarter last year. It posted a loss of SAR 44.52 million in the previous quarter (Q1-2015).



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 3,568.53 3,556.26 (0.3 %)
Gross Income 1,901.79 1,881.45 (1.1 %)
Operating Income 53.47 (35.00) (165.5 %)
Net Income 92.50 (900.91) (1074.0 %)
Average Shares 770.00 770.00 -
EPS (Riyals) 0.12 (1.17) (1074.0 %)


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 %)
Q2 2015 3,556.26 (0.3 %) 1,881.45 (1.1 %) (35.00) (165.5 %)


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)
Q2 2015 (900.91) (1074.0 %) (1.17) (782.00) (118.91) (0.15)

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 %)
Q2 2015 47.13 % 22.22 % (6.07 %)


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
Q2 2015 770.00 (3.80) (1.09) 20.40

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
Q2 2015 NEG NEG 1.66

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average (542.00) (900.91) (66.2 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
Al Rajhi Capital (771.00) (900.91) (16.8) %
SNB Capital (313.00) (900.91) (187.8) %


Financial Ratios
Current
Market Cap (M Riyal) 39,039.00
Enterprise Value (EV) (M) 42,440.58
Shares Outstanding ((M)) 770.00
EPS ( Riyal) (TTM) 3.34
Book Value (BV) ( Riyal) 23.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.84
P/E (TTM) 15.20
Price/book 2.20
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 15.0
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Share Price

Etihad Etisalat Co.
50.70
(0.90) (1.74 %)

Etihad Etisalat Co. (ETIHAD ETISALAT)

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