Financial Results : Mobily Q1 2024 profit leaps 37% to SAR 638M

Mobily Q1 2024 profit leaps 37% to SAR 638M

12/05/2024 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a 37% leap in Q1 2024 net profit to SAR 638 million, from SAR 465 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 4,069.64 4,545.48 11.7 %
Gross Income 2,269.95 2,444.96 7.7 %
Operating Income 635.74 753.22 18.5 %
Net Income 464.92 637.77 37.2 %
Average Shares 770.00 770.00 -
Earnings Per Share before unusual items 0.60 0.83 37.2 %
EPS (Riyals) 0.60 0.83 37.2 %

Mobily's revenue continued to grow, reaching SAR 4.54 billion in Q1 2024, a 11.7% rise from SAR 4.07 billion in Q1 2023. This was attributed to the increase of all revenue streams, coupled with healthy growth in the overall subscriber base.

 

In addition, the telco posted a 7.7% year-on-year (YoY) increase in gross profit to SAR 2.44 billion in Q1 2024 from SAR 2.27 billion.

 

Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 5.7% YoY from 1.56 billion to SAR 1.65 billion. EBITDA margin reached 36.3% in Q1 2024 versus 38.4% in Q1 2023.

 

Operating profit rose by 18.4% YoY to SAR 753 million from SAR 636 million a year before.

 

Financial charges decreased by 3.1% to SAR 167 million from SAR 172 million in Q1 2023, due to the reduction of the debt portfolio. Zakat and income tax amounted to SAR 35 million compared with SAR 42 million a year before.

 

The first-quarter net profit dropped 14.5% from SAR 746 million in Q4 2023.

 

Shareholders’ equity, no minority interest, increased to SAR 18.26 billion as of March 31, 2024, from SAR 16.81 billion a year earlier.

Attached Documents:

 

 

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