Etihad Etisalat Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 3,600 | 3,201 | 12.464 | 3,514 | 2.447 |
| Gross Profit (Loss) | 2,065 | 1,839 | 12.289 | 1,990 | 3.768 |
| Operational Profit (Loss) | 296 | 277 | 6.859 | 166 | 78.313 |
| Net Profit (Loss) after Zakat and Tax | 130 | 67.3 | 93.164 | -125 | - |
| Total Comprehensive Income | 107 | 47.4 | 125.738 | -122.6 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 13,858 | 13,817 | 0.296 |
| Profit (Loss) per Share | 0.17 | 0.09 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Mobily achieved a net profit for the first quarter of 2020, recording net profit reached SAR 130 million compared to a net profit of SAR 67 million in Q1 2019. This is mainly due to the following:
Revenues
Mobily continued to grow its revenues for the tenth consecutive quarter. Q1 2020 revenues amounted to SAR 3,600 Million versus SAR 3,201 Million in Q1 2019, or a YoY growth of 12.5%. This is mainly attributed to the continued growth of the subscribers base and its better mix, the growth in business unit and wholesale revenues, and the growth of FTTH active base.
Gross profit
Q1 2020 Gross profit amounted to SAR 2,065 million versus SAR 1,839 million in Q1 2019, a growth of 12.3%. This is mainly attributed to healthier topline.
EBITDA
Mobily continued in increasing its EBITDA to reach SAR 1,285 million in Q1 2020 versus SAR 1,272 million in Q1 2019, or an increase of 1%. The EBITDA increase is attributed to the growth of revenues and the improvement in operational performance.
EBITDA margin decreased to 36% for Q1 2020 versus 40% for the same quarter last year.
Operational profit (EBIT)
Q1 2020 Operational profit amounted to SAR 296 million compared to an operational profit of SAR 277 million in Q1 2019, an increase of 7% reflecting the improvement in EBITDA.
Financial charges and Zakat
The financial charges for Q1 2020 amounted to SAR 162 million compared to SAR 212 million in Q1 2019 representing a decrease of 23.7%, reflecting the company’s efforts to reduce the funding costs by refinancing big portion of its debts by the end of last year, and the decrease in SIBOR.
Zakat expenses amounted to SAR 14 million compared to Zakat expense of SAR 9 million in Q1 2019. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Mobily achieved a net profit for the first quarter of 2020 recording net profit reached SAR 130 million compared to net losses of SAR 125 million in Q4 2019. This is mainly due to the following:
Recording un-amortized transaction costs related to the refinancing agreements of Alinma and the syndicated loan. Also recording management fees under the technical services and support agreement signed with Emirates Telecommunications company in Q4 2019
Revenues
Mobily continued to grow its revenues for the tenth consecutive quarter, as Q1 2020 revenues increased by 2.4% reaching SAR 3,600 million versus SAR 3,514 million in Q4 2019. This is mainly attributed to the growth in business unit and wholesale revenues and the growth of subscribers base and the growth in FTTH subscribers.
Gross profit
Q1 2020 Gross profit amounted to SAR 2,065 million versus SAR 1,990 million in Q4 2019 an increase of 3.8%. This increase is mainly attributed to the improvement in the topline.
EBITDA
Q1 2020 EBITDA amounted to SAR 1,285 million versus SAR 1,176 million in Q4 2019, representing an increase of 9.2% reflecting the improvement in revenues and the decrease in the general and administrative expenses.
EBITDA margin increased to 36% in Q1 2020 versus 33% in Q4 2019.
Operational profit (EBIT)
Q1 2020 EBIT amounted to SAR 296 million compared to an EBIT of SAR 166 million in Q4 2019, an increase of 78% reflecting the improvement in EBITDA.
Financial charges and Zakat
The financial charges for Q1 2020 decreased by 45% to reach SAR 162 million compared to SAR 294 million in Q4 2019, reflecting the company’s efforts to reduce the funding costs by refinancing big portion of its debts by the end of last year and the decrease in SIBOR. Also Q4 2019 recorded un-amortized transaction costs related to the refinancing agreements of Alinma and the syndicated loan, in total amounting to SAR 93 million.
Zakat expenses amounted to SAR 14 million versus Zakat expense of SAR 9 million in Q4 2019. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Certain figures for the comparative period have been reclassified to conform to the current period presentation. |
| Additional Information | Net Debt
Mobily net debt increased slightly by 1.4% to reach SAR 10,903 million at the end of Q1 2020 versus SAR 10,626 million at the end of 2019.
CAPEX:
Capex in Q1 2020 decreased to SAR 442 million versus SAR 1,297 million in Q4 2019.
Operational Cash Flow:
Mobily improved its operational cash flow in Q1 2020, Operational Cash Flow (EBITDA-CAPEX) amounted to SAR 844 million versus negative operational cash flow of SAR (120) million in Q4 2019.
The financial statements for the Three Months ended 31st March 2020 will be available through Mobily Investor Relations Website, and Mobily IR App. |
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