Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 679 million for the first half of 2022, a jump of 45% from SAR 470 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 7,330.52 | 7,709.76 | 5.2 % |
| Gross Income | 4,218.61 | 4,570.70 | 8.3 % |
| Operating Income | 740.26 | 973.90 | 31.6 % |
| Net Income | 469.67 | 678.53 | 44.5 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.61 | 0.88 | 44.5 % |
The higher profit was backed by a 5.2% year-on-year (YoY) rise in revenue to SAR 7.71 billion, on growth in wholesale, business and consumer segments. The telco also reported a healthy increase in the fiber to the home (FTTH) active base and overall subscriber base.
Gross profit rose 8.3% to SAR 4.571 billion from SAR 4.219 billion in H1 2021.
The telecom operator also cited YoY growth of 8.1% in earnings before interest, taxes, depreciation, and amortization (EBITDA) to SAR 2.928 billion, leading to an EBITDA margin of 38% for H1 2022, compared to 37% in the first half of 2021.
Meanwhile, finance charges increased 8% YoY to SAR 268 million. Zakat expenses also rose to SAR 55 million in H1 2022, from SAR 38 million in the prior-year period.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 3,727.84 | 3,898.75 | 4.6 % |
| Gross Income | 2,147.05 | 2,333.12 | 8.7 % |
| Operating Income | 378.72 | 513.01 | 35.5 % |
| Net Income | 243.80 | 359.50 | 47.5 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.32 | 0.47 | 47.5 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 3,811.01 | 3,898.75 | 2.3 % |
| Gross Income | 2,237.58 | 2,333.12 | 4.3 % |
| Operating Income | 460.90 | 513.01 | 11.3 % |
| Net Income | 319.03 | 359.50 | 12.7 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.41 | 0.47 | 12.7 % |
In Q2 2022, net profit after Zakat and tax climbed 48% to SAR 360 million, from SAR 243.8 million in the corresponding period of 2021, on a 4.6% YoY revenue growth to SAR 3.899 billion.
Gross profit climbed 8.7% to SAR 2.333 billion from SAR 2.147 billion in Q2 2021.
The telecom operator also cited a 10.3% YoY growth in EBITDA to SAR 1.482 billion, leading to an EBITDA margin of 38% in Q2 2022, compared to 36.1% in Q2 2021.
Meanwhile, finance charges jumped 17.6% YoY to SAR 143 million. Zakat expenses also rose to SAR 25 million in Q2 2022, from SAR 20 million in the prior-year period.
Compared to Q1 2021, net profit leapt 12.8% from SAR 319 million.
Shareholders’ equity, after minority interest, increased by 5.18% to SAR 15.296 billion as of June 30, 2022, from SAR 14.542 billion a year earlier.
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