Financial Results : Mobily’s 9M 2022 net profit up 40% to SAR 1.051 bln; Q3 at SAR 373 mln

Mobily’s 9M 2022 net profit up 40% to SAR 1.051 bln; Q3 at SAR 373 mln

23/10/2022 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 1.051 billion for the first nine months of 2022, a jump of 40% from SAR 751 million in the year-earlier period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 10,936.64 11,537.37 5.5 %
Gross Income 6,404.72 6,871.10 7.3 %
Operating Income 1,167.50 1,498.75 28.4 %
Net Income 750.72 1,051.05 40.0 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.97 1.37 40.0 %

The improved results were attributed to higher revenues, gross profit and EBITDA. In addition, EBITDA margin increased to 38.3% in the nine-month period, compared with 37.5% a year earlier.

 

Operating profit also grew by 29.25% YoY from SAR 1.176 billion to reach SAR 1.520 billion.

 

Financial charges increased by 11.95% during the period, while Zakat expense amounted to SAR 76 million, compared to SAR 56 million a year before.

 


Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 3,606.12 3,827.61 6.1 %
Gross Income 2,186.11 2,300.40 5.2 %
Operating Income 427.23 524.85 22.8 %
Net Income 281.05 372.52 32.5 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.37 0.48 32.5 %

The third-quarter net profit climbed 33% to SAR 373 million, from SAR 281.05 million in Q3 2021. The profit growth was driven by higher revenues, gross profit and EBITDA. In addition, EBITDA margin increased to 38.8% in Q3 2022, compared with 38.5% in Q3 2021.

 

Compared to Q2 2022, net profit grew by 3.8% from SAR 359.50 million.

 

Shareholders’ equity, after minority interest, rose to SAR 15.709 billion as of Sept. 30, 2022, from SAR 14.825 billion a year earlier.

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