Mobily’s net profit soars 37% to SAR 1.072 bln in 2021, Q4 rises 31% to SAR 321.3 mln

21/02/2022 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 1.072 billion for 2021, an increase of 37% from SAR 783.3 million last year.

Financials (M)

Item	2020	2021	Change‬
Revenues	14,046.17	14,834.06	5.6 %
Gross Income	8,152.41	8,671.52	6.4 %
Operating Income	1,384.93	1,654.00	19.4 %
Net Income	783.25	1,071.54	36.8 %
Average Shares	770.00	770.00	-
EPS (Riyals)	1.02	1.39	36.8 %

The profit growth was attributed to a 5.6% year-on-year (YoY) rise in revenues, driven by an increase in the business and consumer segments, in addition to improved subscriber base.

The telecom operator also cited higher gross profit and increased EBITDA, which rose the highest level in eight years.

Meanwhile, financial charges decreased by 10.0% YoY due to a decrease in SAIBOR, in addition to lower debt.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	3,532.76	3,897.42	10.3 %
Gross Income	1,969.09	2,266.80	15.1 %
Operating Income	311.86	486.51	56.0 %
Net Income	245.94	320.82	30.4 %
Average Shares	770.00	770.00	-
EPS (Riyals)	0.32	0.42	30.4 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	3,606.12	3,897.42	8.1 %
Gross Income	2,186.11	2,266.80	3.7 %
Operating Income	427.23	486.51	13.9 %
Net Income	281.05	320.82	14.2 %
Average Shares	770.00	770.00	-
EPS (Riyals)	0.37	0.42	14.2 %

The net profit after Zakat and tax for Q4 2021 stood at SAR 321.3 million, an increase of 31% from the same period last year.

On a sequential basis, net profit rose by 14.3%.

Shareholders’ equity, after minority interest, increased to SAR 15.196 billion from SAR 14.445 billion a year earlier.

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