Mobily 2024 profit jumps 39% to SAR 3.1B; Q4 at SAR 979.6M

19/02/2025 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit of SAR 3.1 billion for 2024, an increase of 39% from SAR 2.23 billion in the prior year.

Financials (M)

Item	2023	2024	Change‬
Revenues	16,762.68	18,206.00	8.6 %
Gross Income	9,253.00	9,894.00	6.9 %
Operating Income	2,977.26	3,530.00	18.6 %
Net Income	2,231.98	3,107.00	39.2 %
Average Shares	770.00	770.00	-
Earnings Per Share before unusual items (Riyals)	2.98	3.85	29.4 %
EPS (Riyals)	2.90	4.04	39.2 %

Mobily’s revenues grew 8.6% year-on-year (YoY) to SAR 18.20 billion in 2024, on higher earnings across all segments and an expansion in the customer base. Gross profit climbed 6.9% YoY to SAR 9.89 billion.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 8.6% YoY to SAR 7.19 billion, due to the company's efficiency in managing its operational processes, in addition to the positive impact of reversing a withholding tax provision of SAR 284 million. The EBITDA margin remained stable at 39.5% in 2024.

Operating profit increased 18.6% YoY to SAR 3.53 billion, while financing charges fell by 10.8% YoY to SAR 615 million in 2024 due to a reduction in the debt portfolio.

Zakat and income tax amounted to SAR 86 million, down from SAR 217 million for the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	4,306.00	4,696.76	9.1 %
Gross Income	2,265.21	2,505.00	10.6 %
Operating Income	983.00	1,057.00	7.5 %
Net Income	746.00	979.56	31.3 %
Average Shares	770.00	770.00	-
Earnings Per Share before unusual items (Riyals)	1.05	1.27	21.3 %
EPS (Riyals)	0.97	1.27	31.3 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	4,498.56	4,696.76	4.4 %
Gross Income	2,566.00	2,505.00	(2.4 %)
Operating Income	960.00	1,057.00	10.1 %
Net Income	828.55	979.56	18.2 %
Average Shares	770.00	770.00	-
Earnings Per Share before unusual items (Riyals)	0.89	1.27	42.3 %
EPS (Riyals)	1.08	1.27	18.2 %

Q4 2024 net profit surged 31% YoY to SAR 979.6 million.

On a sequential basis, earnings grew 18.2% from SAR 828.55 million in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 18.87 billion by the end of 2024, compared to SAR 17.62 billion in 2023.

Attached Documents

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Quarterly Actuals vs Estimates 19/02/202520/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
ETIHAD ETISALAT	696.16	979.56	40.7 %
YC	106.82	123.12	15.3 %
ASTRA INDUSTRIAL	155.24	131.44	(15.3 %)
SSP	63.50	23.02	(63.8 %)
SAUDI KAYAN	(325.32)	(760.51)	(133.8 %)

Company	Estimated	Actual	Change
ETIHAD ETISALAT	696.16	979.56	40.7 %
YC	106.82	123.12	15.3 %

Company	Estimated	Actual	Change
SAUDI KAYAN	(325.32)	(760.51)	(133.8 %)
SSP	63.50	23.02	(63.8 %)
ASTRA INDUSTRIAL	155.24	131.44	(15.3 %)

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