Mobily 2022 profit jumps 55% to SAR 1.65 bln; Q4 soars to SAR 606 mln

20/02/2023 Argaam Exclusive

Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 1.65 billion for 2022, a rise of 55% from SAR 1.07 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 14,834.06 15,717.42 6.0 %
Gross Income 8,671.52 9,381.34 8.2 %
Operating Income 1,654.00 2,328.02 40.8 %
Net Income 1,071.54 1,656.94 54.6 %
Average Shares 770.00 770.00 -
EPS (Riyals) 1.39 2.15 54.6 %

The profit increase was driven by higher revenue, which rose 5.6% to SAR 15.66 billion in 2022 from SAR 14.83 billion last year, as all revenue streams recorded growth along with an increase in the subscriber base.

 

As a result, gross profit rose 8% year-on-year (YoY) to SAR 9.36 billion in 2022.

 

Mobily delivered its highest earnings before interest, taxes, depreciation and amortization (EBITDA) over the past nine years. EBITDA grew 10.4% YoY to SAR 6.16 billion in 2022. EBITDA margin increased to reach 39.3% in 2022 versus 37.6% in 2021.

 

In addition, operational profit increased by 39.7% YoY to SAR 2.31 billion.

 

Meanwhile, financial charges increased by 20.2% YoY to SAR 607 million, reflecting the increase in interest rate.

 

Zakat expenses stood at SAR 122 million in 2022 compared to SAR 79 million in 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 3,897.42 4,180.04 7.3 %
Gross Income 2,266.80 2,510.24 10.7 %
Operating Income 486.51 829.26 70.5 %
Net Income 320.82 605.89 88.9 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.42 0.79 88.9 %

The fourth-quarter net profit after Zakat and tax grew 89% to SAR 606 million, from SAR 320.82 million in Q4 2021.

 

Sequentially, net profit grew 62.7% from SAR 372.52 million in Q3 2022.

 

Total shareholders’ equity, excluding minority interest, reached SAR 16.35 billion as of Dec. 31, 2022, compared to SAR 15.19 billion a year earlier.

View More Financial Results

 

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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
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2016 2,931.84 (20.8 %) 1,741.18 (14.0 %) (137.78) (175.3 %)
Q4 2016 2,908.40 (16.6 %) 1,671.45 (21.7 %) 85.05 (47.2 %)
Q1 2017 2,865.06 (16.7 %) 1,664.83 (13.5 %) 87.56 (37.6 %)
Q2 2017 2,853.83 (13.2 %) 1,633.29 (21.8 %) 40.68 (72.5 %)
Q3 2017 2,805.75 (4.3 %) 1,672.02 (4.0 %) 85.38 162.0 %
Q4 2017 2,826.66 (2.8 %) 1,560.17 (6.7 %) 6.35 (92.5 %)
Q1 2018 2,832.51 (1.1 %) 1,662.77 (0.1 %) 93.24 6.5 %
Q2 2018 2,894.72 1.4 % 1,774.90 8.7 % 150.19 269.2 %
Q3 2018 2,976.07 6.1 % 1,758.40 5.2 % 250.19 193.0 %
Q4 2018 3,161.62 11.9 % 1,386.14 (11.2 %) (279.57) (4503.4 %)
Q1 2019 3,200.96 13.0 % 1,838.71 10.6 % 270.32 189.9 %
Q2 2019 3,330.92 15.1 % 1,956.30 10.2 % 331.00 120.4 %
Q3 2019 3,403.71 14.4 % 2,015.36 14.6 % 317.67 27.0 %
Q4 2019 3,514.39 11.2 % 1,989.62 43.5 % 178.11 163.7 %
Q1 2020 3,599.62 12.5 % 2,065.40 12.3 % 339.05 25.4 %
Q2 2020 3,558.78 6.8 % 2,061.99 5.4 % 372.97 12.7 %
Q3 2020 3,355.01 (1.4 %) 2,055.93 2.0 % 361.06 13.7 %
Q4 2020 3,532.76 0.5 % 1,969.09 (1.0 %) 311.86 75.1 %
Q1 2021 3,602.68 0.1 % 2,071.56 0.3 % 361.55 6.6 %
Q2 2021 3,727.84 4.8 % 2,147.05 4.1 % 378.72 1.5 %
Q3 2021 3,606.12 7.5 % 2,186.11 6.3 % 427.23 18.3 %
Q4 2021 3,897.42 10.3 % 2,266.80 15.1 % 486.51 56.0 %
Q1 2022 3,811.01 5.8 % 2,237.58 8.0 % 460.90 27.5 %
Q2 2022 3,898.75 4.6 % 2,333.12 8.7 % 513.01 35.5 %
Q3 2022 3,827.61 6.1 % 2,300.40 5.2 % 524.85 22.8 %
Q4 2022 4,180.04 7.3 % 2,510.24 10.7 % 829.26 70.5 %
2022 15,717.42 6.0 % 9,381.34 8.2 % 2,328.02 40.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2016 (166.33) (5.1 %) (0.22) 116.00 (282.33) (0.37)
Q4 2016 (70.22) (763.1 %) (0.09) - (70.22) (0.09)
Q1 2017 (163.10) (926.3 %) (0.21) (42.00) (121.10) (0.16)
Q2 2017 (189.66) (6069.6 %) (0.25) - (189.66) (0.25)
Q3 2017 (174.46) (4.9 %) (0.23) - (174.46) (0.23)
Q4 2017 (181.72) (158.8 %) (0.24) - (181.72) (0.24)
Q1 2018 (93.41) 42.7 % (0.12) - (93.41) (0.12)
Q2 2018 (78.63) 58.5 % (0.10) - (78.63) (0.10)
Q3 2018 (30.92) 82.3 % (0.04) (83.33) 52.41 0.07
Q4 2018 80.29 144.2 % 0.10 489.90 (409.61) (0.53)
Q1 2019 67.25 172.0 % 0.09 (27.00) 94.25 0.12
Q2 2019 37.77 148.0 % 0.05 (15.00) 52.77 0.07
Q3 2019 51.06 265.1 % 0.07 (21.00) 72.06 0.09
Q4 2019 (124.89) (255.6 %) (0.16) - (124.89) (0.16)
Q1 2020 130.28 93.7 % 0.17 - 130.28 0.17
Q2 2020 185.17 390.2 % 0.24 - 185.17 0.24
Q3 2020 221.87 334.6 % 0.29 - 221.87 0.29
Q4 2020 245.94 296.9 % 0.32 - 245.94 0.32
Q1 2021 225.87 73.4 % 0.29 - 225.87 0.29
Q2 2021 243.80 31.7 % 0.32 - 243.80 0.32
Q3 2021 281.05 26.7 % 0.37 - 281.05 0.37
Q4 2021 320.82 30.4 % 0.42 - 320.82 0.42
Q1 2022 319.03 41.2 % 0.41 - 319.03 0.41
Q2 2022 359.50 47.5 % 0.47 - 359.50 0.47
Q3 2022 372.52 32.5 % 0.48 - 372.52 0.48
Q4 2022 605.89 88.9 % 0.79 - 605.89 0.79
2022 1,656.94 54.6 % 2.15 - 1,656.94 2.15

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2016 59.99 % 31.97 % (1.68 %)
Q4 2016 59.07 % 31.96 % (2.62 %)
Q1 2017 59.74 % 32.37 % (3.92 %)
Q2 2017 58.06 % 30.55 % (5.74 %)
Q3 2017 58.09 % 33.90 % (4.86 %)
Q4 2017 57.53 % 33.88 % (5.88 %)
Q1 2018 57.68 % 34.38 % (5.65 %)
Q2 2018 58.72 % 35.42 % (4.65 %)
Q3 2018 58.60 % 36.33 % (2.61 %)
Q4 2018 55.48 % 33.91 % (4.46 %)
Q1 2019 55.24 % 34.61 % (2.79 %)
Q2 2019 54.77 % 36.27 % (1.66 %)
Q3 2019 54.95 % 35.01 % (1.45 %)
Q4 2019 57.99 % 37.28 % 0.70 %
Q1 2020 57.96 % 36.85 % 0.94 %
Q2 2020 57.77 % 36.85 % 1.87 %
Q3 2020 58.26 % 37.28 % 2.94 %
Q4 2020 58.04 % 38.12 % 5.58 %
Q1 2021 58.07 % 38.32 % 6.26 %
Q2 2021 57.98 % 37.72 % 6.59 %
Q3 2021 57.87 % 37.34 % 6.89 %
Q4 2021 58.46 % 37.62 % 7.22 %
Q1 2022 58.75 % 37.64 % 7.74 %
Q2 2022 59.31 % 38.12 % 8.42 %
Q3 2022 59.20 % 38.12 % 8.89 %
Q4 2022 59.69 % 39.31 % 10.54 %
2022 59.69 % 39.31 % 10.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2016 770.00 (0.17) (0.29) 19.52
Q4 2016 770.00 (0.28) (0.43) 19.42
Q1 2017 770.00 (0.51) (0.61) 19.22
Q2 2017 770.00 (0.77) (0.86) 18.97
Q3 2017 770.00 (0.78) (0.72) 18.75
Q4 2017 770.00 (0.92) (0.87) 18.51
Q1 2018 770.00 (0.83) (0.83) 18.11
Q2 2018 770.00 (0.69) (0.69) 17.98
Q3 2018 770.00 (0.50) (0.39) 17.93
Q4 2018 770.00 (0.16) (0.69) 18.01
Q1 2019 770.00 0.05 (0.44) 17.94
Q2 2019 770.00 0.20 (0.27) 17.97
Q3 2019 770.00 0.31 (0.25) 18.02
Q4 2019 770.00 0.04 0.12 17.86
Q1 2020 770.00 0.12 0.17 18.00
Q2 2020 770.00 0.31 0.34 18.21
Q3 2020 770.00 0.54 0.54 18.52
Q4 2020 770.00 1.02 1.02 18.76
Q1 2021 770.00 1.14 1.14 19.06
Q2 2021 770.00 1.22 1.22 18.89
Q3 2021 770.00 1.29 1.29 19.25
Q4 2021 770.00 1.39 1.39 19.74
Q1 2022 770.00 1.51 1.51 20.26
Q2 2022 770.00 1.66 1.66 19.87
Q3 2022 770.00 1.78 1.78 20.40
Q4 2022 770.00 2.15 2.15 21.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2016 NEG NEG 0.96
Q4 2016 NEG NEG 1.24
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.08
Q3 2017 NEG NEG 0.93
Q4 2017 NEG NEG 0.80
Q1 2018 NEG NEG 0.84
Q2 2018 NEG NEG 1.09
Q3 2018 NEG NEG 1.07
Q4 2018 NEG NEG 0.92
Q1 2019 More than 100 NEG 1.21
Q2 2019 More than 100 NEG 1.36
Q3 2019 78.64 NEG 1.34
Q4 2019 More than 100 More than 100 1.40
Q1 2020 More than 100 More than 100 1.20
Q2 2020 84.77 77.99 1.46
Q3 2020 53.30 53.30 1.54
Q4 2020 28.17 28.17 1.53
Q1 2021 25.89 25.89 1.55
Q2 2021 27.23 27.23 1.76
Q3 2021 24.10 24.10 1.62
Q4 2021 22.38 22.38 1.58
Q1 2022 27.44 27.44 2.05
Q2 2022 21.05 21.05 1.76
Q3 2022 19.98 19.98 1.75
Q4 2022 16.15 16.15 1.64

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
Q3 2016 2,420.53 327.20 168.43 15.67
Q4 2016 2,431.57 302.17 156.88 17.78
Q1 2017 2,393.89 305.26 147.21 18.70
Q2 2017 2,352.58 306.60 170.72 23.93
Q3 2017 2,301.05 291.18 190.42 23.10
Q4 2017 2,412.37 221.58 168.63 24.08
Q1 2018 2,327.43 311.53 167.46 26.10
Q2 2018 2,349.18 322.29 194.02 29.23
Q3 2018 2,360.77 340.77 240.49 34.04
Q4 2018 2,546.71 363.69 214.29 36.90
Q1 2019 2,526.02 367.74 266.72 40.49
Q2 2019 2,625.28 402.33 258.98 44.32
Q3 2019 2,614.08 454.71 289.17 45.76
Q4 2019 2,793.93 382.45 288.16 49.85
Q1 2020 2,756.69 472.95 318.35 51.63
Q2 2020 2,631.35 569.61 307.57 50.24
Q3 2020 2,515.82 473.22 314.99 50.97
Q4 2020 2,697.24 505.84 279.47 50.22
Q1 2021 2,694.80 577.46 276.56 53.86
Q2 2021 2,721.06 661.14 291.64 54.01
Q3 2021 2,590.94 629.31 323.69 62.19
Q4 2021 2,769.49 712.71 350.86 64.36
Q1 2022 2,741.92 627.89 367.11 74.09
Q2 2022 2,741.65 699.84 375.38 81.88
Q3 2022 2,674.17 671.52 393.76 88.16
Q4 2022 2,737.83 986.04 357.41 98.76

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 375.04 605.89 61.55 %

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
Goldman Sachs 477.40 605.89 26.9 %
SNB Capital 401.00 605.89 51.1 %
OSOOL AND BAKHEET 395.14 605.89 53.3 %
FAB Securities 392.00 605.89 54.6 %
Sico 391.00 605.89 55.0 %
AlJazira Capital 391.00 605.89 55.0 %
U-Capital 389.40 605.89 55.6 %
Riyad Capital 383.00 605.89 58.2 %
Al Rajhi Capital 368.00 605.89 64.6 %
Bank of America 323.09 605.89 87.5 %
Hermes 319.00 605.89 89.9 %
UBS Saudi Arabia 270.45 605.89 124.0 %

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