Mobily posts SAR 31 mln profit in FY2019

Mobily posts SAR 31 mln profit in FY2019

18/02/2020 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit after zakat and tax of SAR 31 million for fiscal year (FY) 2019 as compared to a net loss of SAR 123 million in 2018.



Financials (M)

Item 2018 2019 Change‬
Revenues 11,864.91 13,449.97 13.4 %
Gross Income 6,582.20 7,799.99 18.5 %
Operating Income 214.05 1,097.09 412.5 %
Net Income (122.67) 31.18 125.4 %
Average Shares 770.00 770.00 -
EPS (Riyals) (0.16) 0.04 125.4 %

The profit was driven by higher revenue on growth in subscriber base and IFRS16 implementation, the telco said in a bourse statement.

 

The company also cited an increase in revenues from data and business units.

 

Mobily reported an 18.5% increase in gross profit to SAR 7.8 billion in FY2019 as compared to SAR 6.5 billion in FY2018 on improvement in revenues and implementation of IFRS16.

 

The telco’s net debt amounted to SAR 10.5 billion for FY2019 versus SAR 11.2 billion in FY2018, representing a decrease of 6.4%.

 

Mobily succeeded in increasing its EBITDA to reach SAR 4.9 billion in FY2019 versus SAR 4.5 billion in FY2018, an increase of 9.2%, the highest achieved in 6 years. The increase is mainly attributed to the growth of revenues and the improvement in operational performance of the company.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 3,161.62 3,514.39 11.2 %
Gross Income 1,386.14 1,989.62 43.5 %
Operating Income (279.57) 178.11 163.7 %
Net Income 80.29 (124.89) (255.6 %)
Average Shares 770.00 770.00 -
EPS (Riyals) 0.10 (0.16) (255.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %
2019 13,449.97 13.4 % 7,799.99 18.5 % 1,097.09 412.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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)
2019 31.18 125.4 % 0.04 (63.00) 94.18 0.12

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %
2019 57.99 % 37.28 % 0.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (a) Change‬
Average 57.22 (124.89) (318.3 %)

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (a) Change
SNB Capital 71.00 (124.89) (275.9) %
Riyad Capital 64.00 (124.89) (295.1) %
OSOOL AND BAKHEET 60.00 (124.89) (308.2) %
AlJazira Capital 51.10 (124.89) (344.4) %
Al Rajhi Capital 40.00 (124.89) (412.2) %


Financial Ratios
Current
Market Cap (M Riyal) 41,195.00
Enterprise Value (EV) (M) 44,729.68
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) 14.74
P/E (TTM) 14.34
Price/book 2.30
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 16.5
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Share Price

Etihad Etisalat Co.
53.60
(0.40) (0.74 %)

Etihad Etisalat Co. (ETIHAD ETISALAT)

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