Mobily H1 2024 profit up 35% to SAR 1.29B, Q2 at SAR 661M

23/07/2024 Argaam Exclusive

Etihad Etisalat Co. (Mobily) reported a 35% leap in H1 2024 net profit to SAR 1.29 billion, from SAR 962.2 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 8,338.18 9,010.68 8.1 %
Gross Income 4,668.55 4,822.91 3.3 %
Operating Income 1,301.71 1,512.47 16.2 %
Net Income 962.24 1,298.89 35.0 %
Average Shares 770.00 770.00 -
EPS (Riyals) 1.25 1.69 35.0 %

Revenues grew in H1 2024 by 8.1% to SAR 9.01 billion from SAR 8.33 billion in the same period last year due to the expansion of all revenue streams, driven mainly by the business segment.

 

Gross profit increased by 3.3% to SAR 4.82 billion in H1 2024 versus SAR 4.66 billion in H1 2023, mirroring the growth in revenues.

 

Mobily’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 4.5% to SAR 3.30 billion in H1 2024, up from SAR 3.15 billion in H1 2023 on higher revenues.

 

EBITDA margin reached 36.6% in the current period versus 37.9% a year before.

 

Operating profit increased by 16.1% to SAR 1.51 billion in H1 2024, compared to SAR 1.30 billion in H1 2023, driven by the rise in EBITDA.

 

Financing charges decreased 14.8% YoY to SAR 297 million on a reduction in the debt portfolio.

 

Zakat and income tax amounted to SAR 63 million in H1 2024, compared to SAR 75 million a year before.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 4,268.54 4,465.20 4.6 %
Gross Income 2,398.60 2,377.96 (0.9 %)
Operating Income 665.97 759.25 14.0 %
Net Income 497.32 661.12 32.9 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.65 0.86 32.9 %

The second-quarter net profit climbed 33% to SAR 661 million from SAR 497.32 million in Q2 2023, driven mainly by higher revenues and EBITDA as well as lower Zakat and income tax.

 

Sequentially, Q2 2024 net profit rose 3.6% from SAR 637.77 million in Q1 2024.

 

Shareholders’ equity, no minority interest, increased to SAR 17.76 billion as of June 30, 2024, from SAR 16.40 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
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2023 4,069.64 6.8 % 2,269.95 1.4 % 635.74 37.9 %
Q2 2023 4,268.54 9.5 % 2,398.60 2.8 % 665.97 29.8 %
Q3 2023 4,118.10 7.6 % 2,319.24 0.8 % 692.30 31.9 %
Q4 2023 4,306.00 3.0 % 2,265.00 (9.8 %) 983.00 18.5 %
Q1 2024 4,545.48 11.7 % 2,444.96 7.7 % 753.22 18.5 %
Q2 2024 4,465.20 4.6 % 2,377.96 (0.9 %) 759.25 14.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2023 464.92 45.7 % 0.60 - 464.92 0.60
Q2 2023 497.32 38.3 % 0.65 - 497.32 0.65
Q3 2023 523.83 40.6 % 0.68 - 523.83 0.68
Q4 2023 746.00 23.1 % 0.97 (61.50) 807.50 1.05
Q1 2024 637.77 37.2 % 0.83 - 637.77 0.83
Q2 2024 661.12 32.9 % 0.86 - 661.12 0.86

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 58.92 % 39.45 % 11.28 %
Q2 2023 57.99 % 39.29 % 11.87 %
Q3 2023 57.09 % 39.33 % 12.57 %
Q4 2023 55.20 % 39.52 % 13.68 %
Q1 2024 54.69 % 38.94 % 14.31 %
Q2 2024 53.96 % 38.82 % 15.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 770.00 2.34 2.34 21.83
Q2 2023 770.00 2.52 2.52 21.31
Q3 2023 770.00 2.72 2.72 21.96
Q4 2023 770.00 2.90 2.98 22.89
Q1 2024 770.00 3.12 3.20 23.72
Q2 2024 770.00 3.34 3.42 23.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 17.62 17.62 1.89
Q2 2023 19.01 19.01 2.25
Q3 2023 16.40 16.40 2.03
Q4 2023 16.92 16.47 2.14
Q1 2024 16.78 16.36 2.21
Q2 2024 15.50 15.14 2.24

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
Q1 2023 2,769.71 821.61 367.09 111.24
Q2 2023 2,785.59 933.26 435.60 114.09
Q3 2023 2,677.51 919.07 435.57 85.96
Q4 2023 2,847.64 938.63 421.93 98.49
Q1 2024 2,931.66 1,063.04 449.33 101.45
Q2 2024 2,837.89 1,045.77 480.34 101.21

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 648.32 661.12 1.97 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 659.00 661.12 0.3 %
Sico 657.00 661.12 0.6 %
U-Capital 656.70 661.12 0.7 %
AlJazira Capital 653.00 661.12 1.2 %
SNB Capital 649.00 661.12 1.9 %
Riyad Capital 647.00 661.12 2.2 %
YAQEEN 688.00 661.12 (3.9) %
OSOOL AND BAKHEET 635.85 661.12 4.0 %
Goldman Sachs 623.70 661.12 6.0 %
Value Capital 757.64 661.12 (12.7) %
United Securities Company 583.00 661.12 13.4 %
UBS Saudi Arabia 570.00 661.12 16.0 %

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