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

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

21/10/2020 Argaam Exclusive

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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.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 9,935.59 10,513.41 5.8 %
Gross Income 5,810.37 6,183.32 6.4 %
Operating Income 918.98 1,073.07 16.8 %
Net Income 156.08 537.31 244.3 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.20 0.70 244.3 %

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%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 3,403.71 3,355.01 (1.4 %)
Gross Income 2,015.36 2,055.93 2.0 %
Operating Income 317.67 361.06 13.7 %
Net Income 51.06 221.87 334.6 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.07 0.29 334.6 %

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