Mobily’s H1 2022 net profit up 45% to SAR 679 mln; Q2 jumps 48% to SAR 360 mln

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. 

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.

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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