Mobily H1 2023 profit rises 42% to SAR 962 mln; Q2 at SAR 497 mln

Mobily H1 2023 profit rises 42% to SAR 962 mln; Q2 at SAR 497 mln

30/07/2023 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a net profit of SAR 962 million for H1 2023, an increase of 42% from SAR 679 million in a prior-year period. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 7,709.76 8,299.00 7.6 %
Gross Income 4,570.70 4,741.19 3.7 %
Operating Income 973.90 1,283.17 31.8 %
Net Income 678.53 962.24 41.8 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.88 1.25 41.8 %

This was primarily backed by a 7.6% increase year-on-year (YoY) in revenue and 3.7% higher gross profit YoY. In addition, EBITDA rose 7.8% YoY to reach SAR 3.14 billion, while EBITDA margin remained unchanged at 37.8% in the current period compared to the similar period of the previous year. Operating profit for the current period increased by 31.7% YoY to reach SAR 1.28 billion.

 

Q2 2023 net earnings reached SAR 497 million, a jump of 38% from SAR 359.5 million in Q2 2022. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 3,898.75 4,247.76 9.0 %
Gross Income 2,333.12 2,435.49 4.4 %
Operating Income 513.01 656.14 27.9 %
Net Income 359.50 497.32 38.3 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.47 0.65 38.3 %

Mobily continued to grow its revenue by 9% to reach SAR 4.24 billion in Q2 2023 from SAR 3.89 billion in the year-earlier period, on growth of all revenue streams. 

 

Gross profit increased by 4.4% to reach SAR 2.43 billion in Q2 2023 from SAR 2.33 billion in Q2 2022. 

 

Additionally, EBITDA increased by 7.4% YoY in Q2 2023 to SAR 1.58 billion, reflecting revenue growth in addition to the company’s efficiency in managing its operations. 

 

On a sequential basis, Q2 earnings grew 6.9%.

 

Total shareholders’ equity, no minority interest, stood at SAR 16.40 billion by the end of H1 2023, compared to SAR 15.29 billion in a year-earlier period. 



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

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 %


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

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

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

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 485.56 497.32 2.42 %

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Hermes 497.00 497.32 0.1 %
Bank of America 497.00 497.32 0.1 %
AlJazira Capital 496.00 497.32 0.3 %
Value Capital 498.87 497.32 (0.3) %
SNB Capital 482.00 497.32 3.2 %
Riyad Capital 478.00 497.32 4.0 %
Al Rajhi Capital 476.00 497.32 4.5 %
Arqaam Capital 528.00 497.32 (5.8) %
OSOOL AND BAKHEET 529.60 497.32 (6.1) %
Goldman Sachs 462.00 497.32 7.6 %
U-Capital 396.70 497.32 25.4 %

Current
Market Cap (M Riyal) 39,424.00
Enterprise Value (EV) (M) 42,749.96
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) 15.98
P/E (TTM) 16.39
Price/book 2.16
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 13.7

Share Price

51.20
(0.20) (0.39 %)

Etihad Etisalat Co. (ETIHAD ETISALAT)


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