Etihad Etisalat Co. (Mobily) announces its consolidated interim financial results for the period ending on 31-03-2023 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 4,051 | 3,811 | 6.3 | 4,132 | -1.96 |
| Gross Profit (Loss) | 2,306 | 2,238 | 3.04 | 2,492 | -7.46 |
| Operational Profit (Loss) | 627 | 461 | 36.01 | 813 | -22.88 |
| Net Profit (Loss) after Zakat and Tax | 465 | 319 | 45.77 | 606 | -23.27 |
| Total Comprehensive Income | 454 | 405 | 12.1 | 650 | -30.15 |
| 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) | 16,813 | 15,601 | 7.77 |
| Profit (Loss) per Share | 0.6 | 0.41 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Mobily achieved a net profit of SAR 465 million for Q1 2023, a 45.7% increase from SAR 319 million in Q1 2022, due to the following:
Revenue: Mobily continued to grow its revenue to reach SAR 4,051 million in Q1 2023, a 6.3% growth from SAR 3,811 million in Q1 2022. The increase in Mobily’s revenue was mainly driven by growth in Business and Consumer segments, with a healthy growth in the subscriber base. Gross profit: Gross profit increased by 3.0% in Q1 2023, reaching SAR 2,306 million from SAR 2,238 million in Q1 2022, mainly due to the increase in revenue. Earnings before interest, tax, depreciation, and amortization (EBITDA): Mobily achieved an EBITDA of SAR 1,554 million in Q1 2023, representing an increase of 8.0% compared to SAR 1,439 million in Q1 2022 that reflects the growth in revenue in addition to operational efficiencies. EBITDA margin increased to reach 38.3% in Q1 2023 versus 37.7% in Q1 2022. Operating profit: Operational profit increased by 36.0% in Q1 2023, reaching SAR 627 million, from SAR 461 million in Q1 2022, due to the increase in EBITDA. Financial charges and Zakat: Financial charges increased by 38.2% in Q1 2023 to reach SAR 172 million from SAR 125 million in Q1 2022, reflecting interest rate increases. Zakat & Income tax came at SAR 42 million in Q1 2023 compared to SAR 31 million in Q1 2022. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Mobily’s net profit reached SAR 465 million in Q1 2023, a decrease of 23.3% from SAR 606 million in Q4 2022, due to the following:
Revenue: Mobily’s revenue amounted to SAR 4,051 million in Q1 2023, a 1.9% decrease from SAR 4,132 million in Q4 2022. The decrease was mainly attributed to the seasonality nature of some services and projects. Gross profit: Gross profit decreased by 7.5% in Q1 2023, reaching SAR 2,306 million from SAR 2,492 million in Q4 2022, mainly due to the increase in cost of revenue. Earnings before interest, tax, depreciation, and amortization (EBITDA): Mobily delivered an EBITDA of SAR 1,554 million in Q1 2023, compared to SAR 1,770 million in Q4 2022, a decrease of 12.2%. The decrease in EBITDA mostly reflects the decrease in gross profit. EBITDA margin reached 38.3% in Q1 2023 compared to 42.8% in Q4 2022. Operating profit: Operational profit decreased by 22.9% in Q1 2023, reaching SAR 627 million, from SAR 813 million in Q4 2022, due to the decrease in EBITDA. Financial charges and Zakat: Despite the increase in interest rate, financial charges decreased by 9.0% in Q1 2023, reaching SAR 172 million from SAR 189 million in Q4 2022, due to the decrease in debt portfolio in addition to the positive impact of hedging agreements. Zakat & Income tax is at SAR 42 million in Q1 2023 compared to SAR 46 million in Q4 2022. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period’s presentation. |
| Additional Information | CAPEX:
CAPEX reached SAR 224 million in Q1 2023, compared to SAR 220 million in Q1 2022. Free Cash Flow: Mobily’s Free Cash Flow (EBITDA-CAPEX) increased to reach SAR 1,329 million in Q1 2023, a 9.0% increase from SAR 1,219 million in Q1 2022.
The condensed consolidated interim financial statements for the period ended 31st March 2023 will be available through Mobily’s Investor Relations Website, and Mobily’s IR App on smartphones and tablets, after being published on the Saudi Exchange website. |
Comments