Financial Results : Mobily 9M 2024 profit up 43% to SAR 2.12B; Q3 at SAR 828.6M

Mobily 9M 2024 profit up 43% to SAR 2.12B; Q3 at SAR 828.6M

27/10/2024 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit of SAR 2.12 billion for first nine months of 2024, an increase of 43% from SAR 1.48 billion in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 12,456.29 13,509.24 8.5 %
Gross Income 6,987.79 7,248.91 3.7 %
Operating Income 1,994.01 2,332.69 17.0 %
Net Income 1,486.07 2,127.44 43.2 %
Average Shares 770.00 770.00 -
EPS (Riyals) 1.93 2.76 43.2 %

Mobily’s revenues grew 8.5% year-on-year (YoY) to SAR 13.50 billion in nine months to Sept. 30, 2024, as all revenue streams expanded driven mainly by the business segment.

 

Gross profit climbed 5.7% YoY to SAR 7.38 billion, mirroring the growth in revenues, as well as the positive impact of a withholding tax reversal amounting to SAR 140 million.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 8.2% YoY to SAR 5.14 billion.

 

The EBITDA margin reached 38.1% in the current period versus 38.2% in the similar period last year.

 

Operating profit increased 24% YoY to SAR 2.47 billion, while financing charges fell by 9.2% YoY to SAR 463 million in 9M 2024 due to a reduction in the debt portfolio.

 

Zakat & income tax amounted to SAR 93 million, down from SAR 123 million for the similar period of the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 4,118.10 4,498.56 9.2 %
Gross Income 2,319.24 2,426.00 4.6 %
Operating Income 692.30 820.22 18.5 %
Net Income 523.83 828.55 58.2 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.68 1.08 58.2 %
Q3 2024 net profit surged 58% YoY to SAR 828.5 million, from SAR 523.8 million a year earlier.
On a sequential basis, Q3 earnings grew 25.3% from SAR 661.12 million in Q2 2024.
Total shareholders’ equity, no minority interest, stood at SAR 17.89 billion by the end of 9M 2024, compared to SAR 16.91 billion in the year-earlier period.

 

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