Mobily Q1 2023 profit jumps 46% to SAR 465 mln

Etihad Etisalat Co. (Mobily) reported a 46% leap in Q1 2023 net profit to SAR 465 million, from SAR 319 million in the year-earlier period.

Mobily continued to grow its revenue to reach SAR 4.05 billion in Q1 2023, a 6.3% rise from SAR 3.81 billion in Q1 2022, on growth in business and consumer segments, with a healthy increase in the subscriber base.

Gross profit rose 3% in Q1 2023 to SAR 2.30 billion from SAR 2.23 billion in the year-earlier period, mainly due to better revenue.

Earnings before interest, tax, depreciation, and amortization (EBITDA) jumped 8% year-on-year (YoY) to SAR 1.55 billion in Q1 2023, pushing EBITDA margin higher to 38.3% from 37.7% in Q1 2022.

Operating profit leapt 36% YoY to SAR 627 million.

The first-quarter net profit dropped 23.3% from SAR 605.89 million in Q4 2022, as revenue decreased by 1.9% YoY. Gross profit fell 7.5% YoY to SAR 2.30 billion. EBITDA also decreased by 12.2% YoY to SAR 1.55 billion

Shareholders’ equity, no minority interest, increased to SAR 16.81 billion as of March 31, 2023, from SAR 15.60 billion a year earlier.

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