Financial Results : Mobily H1 2023 profit rises 42% to SAR 962 mln; Q2 at SAR 497 mln

Mobily H1 2023 profit rises 42% to SAR 962 mln; Q2 at SAR 497 mln

30/07/2023 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit of SAR 962 million for H1 2023, an increase of 42% from SAR 679 million in a prior-year period. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 7,709.76 8,338.18 8.2 %
Gross Income 4,570.70 4,668.55 2.1 %
Operating Income 973.90 1,301.71 33.7 %
Net Income 678.53 962.24 41.8 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.88 1.25 41.8 %

This was primarily backed by a 7.6% increase year-on-year (YoY) in revenue and 3.7% higher gross profit YoY. In addition, EBITDA rose 7.8% YoY to reach SAR 3.14 billion, while EBITDA margin remained unchanged at 37.8% in the current period compared to the similar period of the previous year. Operating profit for the current period increased by 31.7% YoY to reach SAR 1.28 billion.

 

Q2 2023 net earnings reached SAR 497 million, a jump of 38% from SAR 359.5 million in Q2 2022. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 3,898.75 4,268.54 9.5 %
Gross Income 2,333.12 2,398.60 2.8 %
Operating Income 513.01 665.97 29.8 %
Net Income 359.50 497.32 38.3 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.47 0.65 38.3 %

Mobily continued to grow its revenue by 9% to reach SAR 4.24 billion in Q2 2023 from SAR 3.89 billion in the year-earlier period, on growth of all revenue streams. 

 

Gross profit increased by 4.4% to reach SAR 2.43 billion in Q2 2023 from SAR 2.33 billion in Q2 2022. 

 

Additionally, EBITDA increased by 7.4% YoY in Q2 2023 to SAR 1.58 billion, reflecting revenue growth in addition to the company’s efficiency in managing its operations. 

 

On a sequential basis, Q2 earnings grew 6.9%.

 

Total shareholders’ equity, no minority interest, stood at SAR 16.40 billion by the end of H1 2023, compared to SAR 15.29 billion in a year-earlier period. 

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