Mobily 2023 profit up 35% to SAR 2.23B; Q4 at SAR 745.9M

Etihad Etisalat Co. (Mobily) reported a net profit of SAR 2.23 billion for 2023, an increase of 35% from SAR 1.65 billion in the prior year.

The positive performance was driven by the increase in revenue across all segments and expanding customer base. Additionally, gross profit rose to SAR 9.45 billion in 2023 from SAR 9.38 billion in 2022, reflecting overall revenue growth.

Meanwhile, Mobily recorded an increase in the EBITDA by 7.22% to SAR 6.62 billion in 2023, compared to SAR 6.17 billion in the prior year. This increase was attributed to the company's operational efficiency and the positive impact of a contingent liability reversal of SAR 202 million.

EBITDA margin increased to 39.5% last year versus 39.3% in 2022.

Operational profit rose by 27.88% year-on-year (YoY) to SAR 2.97 billion in 2023 due to EBITDA growth.

Financial charges incurred a 13.69% YoY increase to SAR 690 million in the 12-month period.

Zakat and income tax stood at SAR 217 million in 2023, compared to SAR 122 million in 2022.

The telco’s Q4 2023 net profit surged 23% to SAR 745.93 million, compared to SAR 605.89 in the year-ago period.

On a sequential basis, Q4 earnings grew 42.4%.

Total shareholders’ equity, no minority interest, stood at SAR 17.62 billion by the end of 2023, compared to SAR 16.35 billion in the year-earlier period.

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