Mobily’s net profit surges 93% in Q1 2020

Mobily’s net profit surges 93% in Q1 2020

20/04/2020 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 130 million for the first quarter of 2020, a rise of 93% year-on-year (YoY), thanks to a 12.5% growth YoY in Q1 2020 revenue to SAR 3.6 billion.

 

The first-quarter performance was also buoyed by continued growth of the subscriber base and its improved mix, the growth in business unit and wholesale revenues, and the growth of FTTH active base.

 

Financial charges declined to SAR 162 million in Q1 2020, from SAR 212 million a year earlier. Meanwhile, Zakat expenses rose to SAR 14 million compared to SAR 9 million in Q1 2019.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 3,200.96 3,599.62 12.5 %
Gross Income 1,838.71 2,065.40 12.3 %
Operating Income 270.32 339.05 25.4 %
Net Income 67.25 130.28 93.7 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.09 0.17 93.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2020 3,599.62 12.5 % 2,065.40 12.3 % 339.05 25.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2020 130.28 93.7 % 0.17 - 130.28 0.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2020 57.96 % 36.85 % 0.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2020 770.00 0.12 0.17 18.00

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2020 More than 100 More than 100 1.20

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

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (a) Change‬
Average 108.20 130.28 20.41 %

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (a) Change
SNB Capital 140.00 130.28 (6.9) %
Riyad Capital 140.00 130.28 (6.9) %
Al Rajhi Capital 103.00 130.28 26.5 %
OSOOL AND BAKHEET 95.00 130.28 37.1 %
AlJazira Capital 63.00 130.28 106.8 %


Financial Ratios
Current
Market Cap (M Riyal) 41,272.00
Enterprise Value (EV) (M) 44,806.68
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) 14.77
P/E (TTM) 14.36
Price/book 2.31
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 16.5
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Share Price

Etihad Etisalat Co.
53.50
(0.50) (0.93 %)

Etihad Etisalat Co. (ETIHAD ETISALAT)

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