Mobily swings to net profit of SAR 35 mln in H1

26/07/2016 Argaam Exclusive

 

Etihad Etisalat Company (Mobily), the second-largest mobile operator in Saudi Arabia, swung to a net profit of SAR 35.4 million for the first half of 2016, against a loss of SAR 945.4 million in the same period last year. The improvement was attributed to increase in gross profit, along with a rise in earnings before interest, taxes, depreciation and amortization.

 

H1-2015 results were also impacted by the booking of a SAR 800 million doubtful debt provision towards Zain Saudi. 



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 7,236.39 6,729.16 (7.0 %)
Gross Income 3,799.08 4,012.65 5.6 %
Operating Income 32.98 288.19 773.7 %
Net Income (945.43) 22.92 102.4 %
Average Shares 770.00 770.00 -
EPS (Riyals) (1.23) 0.03 102.4 %

 

Net profit for the second quarter came in at SAR 18.8 million, against a loss of SAR 901 million in same quarter last year. The profit for Q2 rose 13.3 percent compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 3,556.26 3,288.88 (7.5 %)
Gross Income 1,881.45 2,087.68 11.0 %
Operating Income (35.00) 147.90 522.6 %
Net Income (900.91) 3.18 100.4 %
Average Shares 770.00 770.00 -
EPS (Riyals) (1.17) 0.00 100.4 %

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Share Price

Etihad Etisalat Co.
52.00
(0.30) (0.57 %)

Etihad Etisalat Co. (ETIHAD ETISALAT)

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Financial Ratios
Current
Market Cap (M Riyal) 40,040.00
Enterprise Value (EV) (M) 43,574.68
Shares Outstanding ((M)) 770.00
EPS ( Riyal) (TTM) 3.73
Book Value (BV) ( Riyal) 23.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.33
P/E (TTM) 13.93
Price/book 2.24
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 16.5
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 1,876.72 66.6 % 987.29 62.6 % 370.92 184.1 %
Q2 2007 2,028.88 39.9 % 1,111.54 38.5 % 429.04 80.8 %
Q3 2007 2,124.14 24.6 % 1,175.69 22.9 % 450.37 31.5 %
Q4 2007 2,410.70 26.8 % 1,373.72 18.9 % 665.56 49.5 %
Q1 2008 2,307.79 23.0 % 1,223.60 23.9 % 433.91 17.0 %
Q2 2008 2,543.55 25.4 % 1,413.01 27.1 % 530.45 23.6 %
Q3 2008 2,833.73 33.4 % 1,566.76 33.3 % 650.78 44.5 %
Q4 2008 3,109.47 29.0 % 1,817.68 32.3 % 880.78 32.3 %
Q1 2009 2,810.46 21.8 % 1,616.66 32.1 % 533.50 23.0 %
Q2 2009 3,199.37 25.8 % 1,833.25 29.7 % 727.31 37.1 %
Q3 2009 3,511.17 23.9 % 1,982.11 26.5 % 861.69 32.4 %
Q4 2009 3,537.27 13.8 % 2,114.53 16.3 % 1,085.38 23.2 %
Q1 2010 3,581.38 27.4 % 1,827.12 13.0 % 762.94 43.0 %
Q2 2010 3,972.33 24.2 % 2,073.83 13.1 % 940.34 29.3 %
Q3 2010 3,988.50 13.6 % 2,309.86 16.5 % 1,186.77 37.7 %
Q4 2010 4,470.94 26.4 % 2,572.61 21.7 % 1,464.74 35.0 %
Q1 2011 4,484.30 25.2 % 2,289.13 25.3 % 1,053.67 38.1 %
Q2 2011 5,126.64 29.1 % 2,477.75 19.5 % 1,223.32 30.1 %
Q3 2011 4,639.69 16.3 % 2,472.28 7.0 % 1,274.05 7.4 %
Q4 2011 5,801.62 29.8 % 3,086.91 20.0 % 1,754.32 19.8 %
Q1 2012 5,008.63 11.7 % 2,613.09 14.2 % 1,253.50 19.0 %
Q2 2012 5,678.49 10.8 % 2,955.86 19.3 % 1,467.73 20.0 %
Q3 2012 6,183.15 33.3 % 2,986.06 20.8 % 1,569.10 23.2 %
Q4 2012 6,715.03 15.7 % 3,421.97 10.9 % 1,844.72 5.2 %
Q1 2013 5,593.04 11.7 % 2,693.80 3.1 % 1,327.05 5.9 %
Q2 2013 5,960.05 5.0 % 2,975.14 0.7 % 1,639.60 11.7 %
Q3 2013 4,883.46 (21.0 %) 3,292.03 10.2 % 1,675.24 6.8 %
Q4 2013 4,087.12 (39.1 %) 2,589.22 (24.3 %) 401.13 (78.3 %)
Q1 2014 3,853.06 (31.1 %) 2,163.70 (19.7 %) 420.73 (68.3 %)
Q2 2014 3,568.53 (40.1 %) 1,901.79 (36.1 %) 53.47 (96.7 %)
Q3 2014 3,859.86 (21.0 %) 2,182.85 (33.7 %) 127.01 (92.4 %)
Q4 2014 2,722.09 (33.4 %) 530.71 (79.5 %) (665.86) (266.0 %)
Q1 2015 3,680.13 (4.5 %) 1,917.62 (11.4 %) 67.99 (83.8 %)
Q2 2015 3,556.26 (0.3 %) 1,881.45 (1.1 %) (35.00) (165.5 %)
Q3 2015 3,700.08 (4.1 %) 2,025.03 (7.2 %) (50.04) (139.4 %)
Q4 2015 3,487.65 28.1 % 2,133.98 302.1 % 161.14 124.2 %
Q1 2016 3,440.28 (6.5 %) 1,924.97 0.4 % 140.29 106.4 %
Q2 2016 3,288.88 (7.5 %) 2,087.68 11.0 % 147.90 522.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 250.61 568.5 % 0.36 - 250.61 0.36
Q2 2007 303.85 161.7 % 0.44 - 303.85 0.44
Q3 2007 310.62 43.2 % 0.45 - 310.62 0.45
Q4 2007 514.47 56.0 % 0.74 - 514.47 0.74
Q1 2008 326.01 30.1 % 0.47 - 326.01 0.47
Q2 2008 448.41 47.6 % 0.64 - 448.41 0.64
Q3 2008 539.43 73.7 % 0.77 - 539.43 0.77
Q4 2008 777.93 51.2 % 1.01 - 777.93 1.01
Q1 2009 480.16 47.3 % 0.62 - 480.16 0.62
Q2 2009 674.93 50.5 % 0.88 - 674.93 0.88
Q3 2009 806.85 49.6 % 1.05 - 806.85 1.05
Q4 2009 1,051.93 35.2 % 1.37 - 1,051.93 1.37
Q1 2010 714.06 48.7 % 0.93 - 714.06 0.93
Q2 2010 901.02 33.5 % 1.17 - 901.02 1.17
Q3 2010 1,137.55 41.0 % 1.48 - 1,137.55 1.48
Q4 2010 1,458.84 38.7 % 1.89 - 1,458.84 1.89
Q1 2011 998.23 39.8 % 1.30 - 998.23 1.30
Q2 2011 1,164.07 29.2 % 1.51 - 1,164.07 1.51
Q3 2011 1,223.77 7.6 % 1.59 - 1,223.77 1.59
Q4 2011 1,697.39 16.4 % 2.20 - 1,697.39 2.20
Q1 2012 1,207.45 21.0 % 1.57 - 1,207.45 1.57
Q2 2012 1,421.26 22.1 % 1.85 - 1,421.26 1.85
Q3 2012 1,511.41 23.5 % 1.96 - 1,511.41 1.96
Q4 2012 1,877.54 10.6 % 2.44 - 1,877.54 2.44
Q1 2013 1,339.64 10.9 % 1.74 - 1,339.64 1.74
Q2 2013 1,611.04 13.4 % 2.09 - 1,611.04 2.09
Q3 2013 1,631.94 8.0 % 2.12 - 1,631.94 2.12
Q4 2013 447.60 (76.2 %) 0.58 - 447.60 0.58
Q1 2014 310.69 (76.8 %) 0.40 - 310.69 0.40
Q2 2014 92.50 (94.3 %) 0.12 - 92.50 0.12
Q3 2014 129.46 (92.1 %) 0.17 - 129.46 0.17
Q4 2014 (2108.45) (571.1 %) (2.74) (1285.00) (823.45) (1.07)
Q1 2015 (44.52) (114.3 %) (0.06) (18.00) (26.52) (0.03)
Q2 2015 (900.91) (1074.0 %) (1.17) (782.00) (118.91) (0.15)
Q3 2015 (158.29) (222.3 %) (0.21) - (158.29) (0.21)
Q4 2015 10.59 100.5 % 0.01 (28.00) 38.59 0.05
Q1 2016 19.74 144.3 % 0.03 - 19.74 0.03
Q2 2016 3.18 100.4 % 0.00 - 3.18 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 56.28 % 32.91 % 13.18 %
Q2 2007 56.06 % 33.32 % 14.66 %
Q3 2007 55.86 % 33.53 % 15.07 %
Q4 2007 55.07 % 34.91 % 16.34 %
Q1 2008 55.06 % 34.49 % 16.40 %
Q2 2008 55.25 % 34.50 % 17.04 %
Q3 2008 55.24 % 34.64 % 18.11 %
Q4 2008 55.78 % 35.15 % 19.38 %
Q1 2009 56.78 % 35.20 % 19.88 %
Q2 2009 57.18 % 35.61 % 20.68 %
Q3 2009 57.40 % 36.11 % 21.69 %
Q4 2009 57.79 % 37.04 % 23.08 %
Q1 2010 56.09 % 36.94 % 23.48 %
Q2 2010 54.77 % 36.75 % 23.79 %
Q3 2010 55.21 % 38.04 % 25.23 %
Q4 2010 54.85 % 38.50 % 26.30 %
Q1 2011 54.65 % 38.01 % 26.58 %
Q2 2011 53.40 % 38.37 % 26.33 %
Q3 2011 52.41 % 37.91 % 25.88 %
Q4 2011 51.50 % 37.17 % 25.35 %
Q1 2012 51.76 % 38.00 % 25.72 %
Q2 2012 52.67 % 37.71 % 26.27 %
Q3 2012 51.35 % 36.85 % 25.75 %
Q4 2012 50.78 % 36.18 % 25.51 %
Q1 2013 49.89 % 35.84 % 25.44 %
Q2 2013 49.39 % 36.50 % 25.93 %
Q3 2013 53.49 % 39.23 % 27.90 %
Q4 2013 56.28 % 38.02 % 24.51 %
Q1 2014 58.67 % 37.38 % 21.30 %
Q2 2014 60.68 % 35.19 % 15.15 %
Q3 2014 57.50 % 28.75 % 6.38 %
Q4 2014 48.41 % 24.77 % (2.08 %)
Q1 2015 47.24 % 23.57 % (4.54 %)
Q2 2015 47.13 % 22.22 % (6.07 %)
Q3 2015 46.53 % 21.11 % (8.25 %)
Q4 2015 55.17 % 26.13 % (1.84 %)
Q1 2016 56.16 % 27.77 % (1.54 %)
Q2 2016 58.72 % 30.28 % (0.70 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 696.67 1.31 1.31 6.87
Q2 2007 696.67 1.58 1.58 7.30
Q3 2007 696.67 1.72 1.72 7.75
Q4 2007 696.67 1.98 1.98 8.49
Q1 2008 696.67 2.09 2.09 8.60
Q2 2008 696.67 2.30 2.30 9.24
Q3 2008 696.67 2.62 2.62 10.01
Q4 2008 770.00 2.72 2.72 12.67
Q1 2009 770.00 2.92 2.92 12.61
Q2 2009 770.00 3.21 3.21 13.49
Q3 2009 770.00 3.56 3.56 14.53
Q4 2009 770.00 3.91 3.91 15.90
Q1 2010 770.00 4.22 4.22 15.69
Q2 2010 770.00 4.51 4.51 16.86
Q3 2010 770.00 4.94 4.94 18.34
Q4 2010 770.00 5.47 5.47 20.23
Q1 2011 770.00 5.84 5.84 19.71
Q2 2011 770.00 6.18 6.18 21.22
Q3 2011 770.00 6.29 6.29 21.68
Q4 2011 770.00 6.60 6.60 23.88
Q1 2012 770.00 6.87 6.87 23.63
Q2 2012 770.00 7.21 7.21 24.57
Q3 2012 770.00 7.58 7.58 25.62
Q4 2012 770.00 7.82 7.82 27.15
Q1 2013 770.00 7.99 7.99 27.74
Q2 2013 770.00 8.23 8.23 28.68
Q3 2013 770.00 8.39 8.39 29.16
Q4 2013 770.00 6.53 6.53 27.42
Q1 2014 770.00 5.20 5.20 26.58
Q2 2014 770.00 3.22 3.22 25.45
Q3 2014 770.00 1.27 1.27 24.36
Q4 2014 770.00 (2.05) (0.38) 21.63
Q1 2015 770.00 (2.51) (0.82) 21.57
Q2 2015 770.00 (3.80) (1.09) 20.40
Q3 2015 770.00 (4.17) (1.46) 20.19
Q4 2015 770.00 (1.42) (0.34) 20.21
Q1 2016 770.00 (1.34) (0.28) 19.73
Q2 2016 770.00 (0.16) (0.13) 19.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 29.65 29.65 5.66
Q2 2007 24.09 24.09 5.21
Q3 2007 30.76 30.76 6.81
Q4 2007 29.44 29.44 6.87
Q1 2008 22.13 22.13 5.38
Q2 2008 18.49 18.49 4.59
Q3 2008 13.67 13.67 3.58
Q4 2008 10.37 10.37 2.22
Q1 2009 10.75 10.75 2.49
Q2 2009 9.94 9.94 2.37
Q3 2009 10.63 10.63 2.60
Q4 2009 10.08 10.08 2.48
Q1 2010 10.83 10.83 2.91
Q2 2010 9.65 9.65 2.58
Q3 2010 9.80 9.80 2.64
Q4 2010 9.18 9.18 2.48
Q1 2011 8.02 8.02 2.38
Q2 2011 7.72 7.72 2.25
Q3 2011 7.66 7.66 2.22
Q4 2011 7.23 7.23 2.00
Q1 2012 8.66 8.66 2.52
Q2 2012 7.92 7.92 2.32
Q3 2012 8.12 8.12 2.40
Q4 2012 8.84 8.84 2.54
Q1 2013 10.24 10.24 2.95
Q2 2013 9.84 9.84 2.82
Q3 2013 10.10 10.10 2.91
Q4 2013 13.09 13.09 3.12
Q1 2014 17.85 17.85 3.49
Q2 2014 25.37 25.37 3.21
Q3 2014 70.85 70.85 3.70
Q4 2014 NEG NEG 2.03
Q1 2015 NEG NEG 1.77
Q2 2015 NEG NEG 1.66
Q3 2015 NEG NEG 1.38
Q4 2015 NEG NEG 1.40
Q1 2016 NEG NEG 1.49
Q2 2016 NEG NEG 1.39

Business Segments (Million)

Compared With The
Period Consumer revenues Business revenues Wholesale revenues Outsourcing revenues
Q1 2016 2,905.06 326.39 193.99 14.83
Q2 2016 2,692.57 401.74 177.26 17.32

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 35.20 3.18 (91.0 %)

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
Riyad Capital 3.00 3.18 5.9 %
Al Rajhi Capital 23.00 3.18 (86.2) %
Albilad Capital 27.00 3.18 (88.2) %
SNB Capital 38.00 3.18 (91.6) %
Sico 85.00 3.18 (96.3) %

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