Mobily 2023 profit up 35% to SAR 2.23B; Q4 at SAR 745.9M

Mobily 2023 profit up 35% to SAR 2.23B; Q4 at SAR 745.9M

20/02/2024 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit of SAR 2.23 billion for 2023, an increase of 35% from SAR 1.65 billion in the prior year.



Financials (M)

Item 2022 2023 Change‬
Revenues 15,717.42 16,762.68 6.7 %
Gross Income 9,381.34 9,451.89 0.8 %
Operating Income 2,328.02 2,977.26 27.9 %
Net Income 1,656.94 2,231.98 34.7 %
Average Shares 770.00 770.00 -
EPS (Riyals) 2.15 2.90 34.7 %

The positive performance was driven by the increase in revenue across all segments and expanding customer base. Additionally, gross profit rose to SAR 9.45 billion in 2023 from SAR 9.38 billion in 2022, reflecting overall revenue growth.

 

Meanwhile, Mobily recorded an increase in the EBITDA by 7.22% to SAR 6.62 billion in 2023, compared to SAR 6.17 billion in the prior year. This increase was attributed to the company's operational efficiency and the positive impact of a contingent liability reversal of SAR 202 million.

 

EBITDA margin increased to 39.5% last year versus 39.3% in 2022.

 

Operational profit rose by 27.88% year-on-year (YoY) to SAR 2.97 billion in 2023 due to EBITDA growth.

 

Financial charges incurred a 13.69% YoY increase to SAR 690 million in the 12-month period.

 

Zakat and income tax stood at SAR 217 million in 2023, compared to SAR 122 million in 2022.

 

The telco’s Q4 2023 net profit surged 23% to SAR 745.93 million, compared to SAR 605.89 in the year-ago period.

 

On a sequential basis, Q4 earnings grew 42.4%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 4,180.04 4,306.00 3.0 %
Gross Income 2,510.24 2,265.00 (9.8 %)
Operating Income 829.26 983.00 18.5 %
Net Income 605.89 746.00 23.1 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.79 0.97 23.1 %

Total shareholders’ equity, no minority interest, stood at SAR 17.62 billion by the end of 2023, compared to SAR 16.35 billion in the year-earlier period.

 

Attached Documents:

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 3,853.06 (31.1 %) 2,163.70 (19.7 %) 310.69 (76.8 %) 0.40
Q2 2014 3,568.53 (40.1 %) 1,901.79 (36.1 %) 92.50 (94.3 %) 0.12
Q3 2014 3,859.86 (21.0 %) 2,182.85 (33.7 %) 129.46 (92.1 %) 0.17
Q4 2014 2,722.09 (33.4 %) 530.71 (79.5 %) (2108.45) (571.1 %) (2.74)
Q1 2015 3,680.13 (4.5 %) 1,917.62 (11.4 %) (44.52) (114.3 %) (0.06)
Q2 2015 3,556.26 (0.3 %) 1,881.45 (1.1 %) (900.91) (1074.0 %) (1.17)
Q3 2015 3,700.08 (4.1 %) 2,025.03 (7.2 %) (158.29) (222.3 %) (0.21)
Q4 2015 3,487.65 28.1 % 2,133.98 302.1 % 10.59 100.5 % 0.01
Q1 2016 3,440.28 (6.5 %) 1,924.97 0.4 % 19.74 144.3 % 0.03
Q2 2016 3,288.88 (7.5 %) 2,087.68 11.0 % 3.18 100.4 % 0.00
Q3 2016 2,931.84 (20.8 %) 1,741.18 (14.0 %) (166.33) (5.1 %) (0.22)
Q4 2016 2,908.40 (16.6 %) 1,671.45 (21.7 %) (70.22) (763.1 %) (0.09)
Q1 2017 2,865.06 (16.7 %) 1,664.83 (13.5 %) (163.10) (926.3 %) (0.21)
Q2 2017 2,853.83 (13.2 %) 1,633.29 (21.8 %) (189.66) (6069.6 %) (0.25)
Q3 2017 2,805.75 (4.3 %) 1,672.02 (4.0 %) (174.46) (4.9 %) (0.23)
Q4 2017 2,826.66 (2.8 %) 1,560.17 (6.7 %) (181.72) (158.8 %) (0.24)
Q1 2018 2,832.51 (1.1 %) 1,662.77 (0.1 %) (93.41) 42.7 % (0.12)
Q2 2018 2,894.72 1.4 % 1,774.90 8.7 % (78.63) 58.5 % (0.10)
Q3 2018 2,976.07 6.1 % 1,758.40 5.2 % (30.92) 82.3 % (0.04)
Q4 2018 3,161.62 11.9 % 1,386.14 (11.2 %) 80.29 144.2 % 0.10
Q1 2019 3,200.96 13.0 % 1,838.71 10.6 % 67.25 172.0 % 0.09
Q2 2019 3,330.92 15.1 % 1,956.30 10.2 % 37.77 148.0 % 0.05
Q3 2019 3,403.71 14.4 % 2,015.36 14.6 % 51.06 265.1 % 0.07
Q4 2019 3,514.39 11.2 % 1,989.62 43.5 % (124.89) (255.6 %) (0.16)
Q1 2020 3,599.62 12.5 % 2,065.40 12.3 % 130.28 93.7 % 0.17
Q2 2020 3,558.78 6.8 % 2,061.99 5.4 % 185.17 390.2 % 0.24
Q3 2020 3,355.01 (1.4 %) 2,055.93 2.0 % 221.87 334.6 % 0.29
Q4 2020 3,532.76 0.5 % 1,969.09 (1.0 %) 245.94 296.9 % 0.32
Q1 2021 3,602.68 0.1 % 2,071.56 0.3 % 225.87 73.4 % 0.29
Q2 2021 3,727.84 4.8 % 2,147.05 4.1 % 243.80 31.7 % 0.32
Q3 2021 3,606.12 7.5 % 2,186.11 6.3 % 281.05 26.7 % 0.37
Q4 2021 3,897.42 10.3 % 2,266.80 15.1 % 320.82 30.4 % 0.42
Q1 2022 3,811.01 5.8 % 2,237.58 8.0 % 319.03 41.2 % 0.41
Q2 2022 3,898.75 4.6 % 2,333.12 8.7 % 359.50 47.5 % 0.47
Q3 2022 3,827.61 6.1 % 2,300.40 5.2 % 372.52 32.5 % 0.48
Q4 2022 4,180.04 7.3 % 2,510.24 10.7 % 605.89 88.9 % 0.79
Q1 2023 4,069.64 6.8 % 2,269.95 1.4 % 464.92 45.7 % 0.60
Q2 2023 4,247.76 9.0 % 2,435.49 4.4 % 497.32 38.3 % 0.65
Q3 2023 4,099.89 7.1 % 2,361.50 2.7 % 523.83 40.6 % 0.68
Q4 2023 4,306.00 3.0 % 2,265.00 (9.8 %) 746.00 23.1 % 0.97
2023 16,762.68 6.7 % 9,451.89 0.8 % 2,231.98 34.7 % 2.90

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 58.92 % 39.45 % 11.28 %
Q2 2023 58.29 % 39.28 % 11.89 %
Q3 2023 57.70 % 39.34 % 12.60 %
Q4 2023 55.80 % 39.53 % 13.71 %
2023 56.39 % 39.52 % 13.68 %


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

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 2,775.76 922.32 435.60 114.09
Q3 2023 2,673.97 904.39 435.57 85.96

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 576.74 746.00 29.35 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
AlJazira Capital 616.00 746.00 21.1 %
YAQEEN 614.98 746.00 21.3 %
Al Rajhi Capital 608.00 746.00 22.7 %
Riyad Capital 590.00 746.00 26.4 %
Value Capital 578.20 746.00 29.0 %
OSOOL AND BAKHEET 564.58 746.00 32.1 %
U-Capital 554.90 746.00 34.4 %
Sico 545.00 746.00 36.9 %
SNB Capital 519.00 746.00 43.7 %


Financial Ratios
Current
Market Cap (M Riyal) 39,578.00
Enterprise Value (EV) (M) 42,903.96
Shares Outstanding ((M)) 770.00
EPS ( Riyal) (TTM) 3.12
Book Value (BV) ( Riyal) 23.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.05
P/E (TTM) 16.46
Price/book 2.17
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 13.7
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Share Price

Etihad Etisalat Co.
51.50
0.10 0.19 %

Etihad Etisalat Co. (ETIHAD ETISALAT)

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