Financial Results : Mobily 2022 profit jumps 55% to SAR 1.65 bln; Q4 soars to SAR 606 mln

Mobily 2022 profit jumps 55% to SAR 1.65 bln; Q4 soars to SAR 606 mln

20/02/2023 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 1.65 billion for 2022, a rise of 55% from SAR 1.07 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 14,834.06 15,717.42 6.0 %
Gross Income 8,671.52 9,381.34 8.2 %
Operating Income 1,654.00 2,328.02 40.8 %
Net Income 1,071.54 1,656.94 54.6 %
Average Shares 770.00 770.00 -
EPS (Riyals) 1.39 2.15 54.6 %

The profit increase was driven by higher revenue, which rose 5.6% to SAR 15.66 billion in 2022 from SAR 14.83 billion last year, as all revenue streams recorded growth along with an increase in the subscriber base.

 

As a result, gross profit rose 8% year-on-year (YoY) to SAR 9.36 billion in 2022.

 

Mobily delivered its highest earnings before interest, taxes, depreciation and amortization (EBITDA) over the past nine years. EBITDA grew 10.4% YoY to SAR 6.16 billion in 2022. EBITDA margin increased to reach 39.3% in 2022 versus 37.6% in 2021.

 

In addition, operational profit increased by 39.7% YoY to SAR 2.31 billion.

 

Meanwhile, financial charges increased by 20.2% YoY to SAR 607 million, reflecting the increase in interest rate.

 

Zakat expenses stood at SAR 122 million in 2022 compared to SAR 79 million in 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 3,897.42 4,180.04 7.3 %
Gross Income 2,266.80 2,510.24 10.7 %
Operating Income 486.51 829.26 70.5 %
Net Income 320.82 605.89 88.9 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.42 0.79 88.9 %

The fourth-quarter net profit after Zakat and tax grew 89% to SAR 606 million, from SAR 320.82 million in Q4 2021.

 

Sequentially, net profit grew 62.7% from SAR 372.52 million in Q3 2022.

 

Total shareholders’ equity, excluding minority interest, reached SAR 16.35 billion as of Dec. 31, 2022, compared to SAR 15.19 billion a year earlier.

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