Mobily Q1 2024 profit leaps 37% to SAR 638M

Mobily Q1 2024 profit leaps 37% to SAR 638M

12/05/2024 Argaam Exclusive

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Etihad Etisalat Co. (Mobily) reported a 37% leap in Q1 2024 net profit to SAR 638 million, from SAR 465 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 4,069.64 4,545.48 11.7 %
Gross Income 2,269.95 2,444.96 7.7 %
Operating Income 635.74 753.22 18.5 %
Net Income 464.92 637.77 37.2 %
Average Shares 770.00 770.00 -
EPS (Riyals) 0.60 0.83 37.2 %

Mobily's revenue continued to grow, reaching SAR 4.54 billion in Q1 2024, a 11.7% rise from SAR 4.07 billion in Q1 2023. This was attributed to the increase of all revenue streams, coupled with healthy growth in the overall subscriber base.

 

In addition, the telco posted a 7.7% year-on-year (YoY) increase in gross profit to SAR 2.44 billion in Q1 2024 from SAR 2.27 billion.

 

Earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 5.7% YoY from 1.56 billion to SAR 1.65 billion. EBITDA margin reached 36.3% in Q1 2024 versus 38.4% in Q1 2023.

 

Operating profit rose by 18.4% YoY to SAR 753 million from SAR 636 million a year before.

 

Financial charges decreased by 3.1% to SAR 167 million from SAR 172 million in Q1 2023, due to the reduction of the debt portfolio. Zakat and income tax amounted to SAR 35 million compared with SAR 42 million a year before.

 

The first-quarter net profit dropped 14.5% from SAR 746 million in Q4 2023.

 

Shareholders’ equity, no minority interest, increased to SAR 18.26 billion as of March 31, 2024, from SAR 16.81 billion a year earlier.

Attached Documents:

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2024 4,545.48 11.7 % 2,444.96 7.7 % 637.77 37.2 % 0.83

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 58.29 % 39.28 % 11.89 %
Q3 2023 57.70 % 39.34 % 12.60 %
Q4 2023 55.80 % 39.53 % 13.71 %
Q1 2024 55.28 % 38.96 % 14.34 %


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

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

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
Q1 2024 2,931.66 1,063.04 449.33 101.45

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 546.05 637.77 16.80 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Value Capital 588.20 637.77 8.4 %
AlJazira Capital 586.00 637.77 8.8 %
OSOOL AND BAKHEET 570.23 637.77 11.8 %
Hermes 560.00 637.77 13.9 %
U-Capital 555.50 637.77 14.8 %
SNB Capital 549.00 637.77 16.2 %
Al Rajhi Capital 528.00 637.77 20.8 %
Goldman Sachs 523.60 637.77 21.8 %
Riyad Capital 509.00 637.77 25.3 %
Sico 491.00 637.77 29.9 %


Financial Ratios
Current
Market Cap (M Riyal) 39,501.00
Enterprise Value (EV) (M) 42,826.96
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) 16.02
P/E (TTM) 16.43
Price/book 2.16
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 13.7
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Share Price

Etihad Etisalat Co.
51.40
0.00 0.00 %

Etihad Etisalat Co. (ETIHAD ETISALAT)

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