Mobily continued to grow its revenue to reach SAR 4,465 million in Q2 2024 versus SAR 4,269 million in Q2 2023, representing a YoY growth of 4.6%. This growth is attributed to the expansion of all revenue streams, with the business segment leading the charge.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year isMobily achieved a net profit of SAR 661 million for Q2 2024, reflecting a 33.0% increase compared to SAR 497 million in Q2 2023, due to the following:
Gross Profit:
Gross profit reached SAR 2,378 million in Q2 2024 versus SAR 2,399 million in Q2 2023, decreasing by 0.88%.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):
EBITDA rose 3.4% YoY to SAR 1,650 million in Q2 2024, compared to SAR 1,596 million in Q2 2023, reflecting the growth in revenue.
EBITDA margin reached 37.0% in Q2 2024 versus 37.3% in Q2 2023.
Operating Profit:
Operational profit saw a 14.0% YoY increase in Q2 2024, reaching SAR 759 million from SAR 666 million in Q2 2023, due to the improvement in EBITDA.
Financial Charges and Zakat & Income Tax:
Financial charges decreased by 26.2% in Q2 2024, reaching SAR 130 million compared to SAR 176 million in Q2 2023, due to the reduction of debt portfolio.
Zakat & Income tax came in at SAR 29 million in Q2 2024 compared to SAR 33 million in Q2 2023.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one isMobily’s revenue amounted to SAR 4,465 million in Q2 2024, compared to SAR 4,545 million in Q1 2024, decreasing by 1.76% due to the decline in consumer revenue.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one isMobily achieved a net profit of SAR 661 million in Q2 2024, representing an increase of 3.61% compared to SAR 638 million in Q1 2024, due to the following:
Gross Profit:
Gross profit reached SAR 2,378 million in Q2 2024, compared to SAR 2,445 million in Q1 2024, representing a decrease of 2.74% QoQ due to the decline in revenue.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):
Despite the decrease in revenue, EBITDA level was stable in Q2 2024, reaching SAR 1,650 million versus SAR 1,651 million in Q1 2024, due to the Company’s operational efficiency.
EBITDA margin also improved to 37.0% in Q2 2024, up from 36.3% in Q1 2024.
Operating Profit:
Operational profit increased by 0.8% in Q2 2024, reaching SAR 759 million from SAR753 million in Q1 2024.
Financial Charges and Zakat & Income Tax:
Financial charges increased by 22.3% in Q2 2024 to SAR 130 million from SAR 167 million in Q1 2024, due to a decline in the debt portfolio.
Zakat & Income tax for Q2 2024 was SAR 29 million, compared to SAR 35 million in Q1 2024.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year isMobily delivered a revenue growth of 8.1%, reaching SAR 9,011 million for the period ended 30 June 2024, compared to SAR 8,338 million in the same period last year. This growth is attributed to the expansion of all revenue streams, driven mainly by the business segment.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year isMobily’s net profit saw a significant increase of 35.0%, reaching SAR 1,299 million in H1 2024, compared to SAR 962 million in H1 2023, driven mainly by the following:
Gross Profit:
Gross profit climbed 3.3% to SAR 4,823 million in H1 2024 versus SAR 4,669 million for the similar period of the previous year, mirroring the growth in revenues.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):
Mobily’s EBITDA rose 4.5% to SAR 3,301 million in H1 2024, up from SAR 3,158 million in H1 2023. The increase is attributed to the growth in revenues.
EBITDA margin reached 36.6% in the current period versus 37.9% in the similar period last year.
Operating Profit:
Operational profit increased by 16.1% to SAR 1,512 million in H1 2024, compared SAR 1,302 million in H1 2023, driven by the rise in EBITDA.
Financial Charges and Zakat & Income Tax:
Financial charges decreased 14.8% to SAR 297 million in H1 2024, compared to SAR 348 million in H1 2023, due to a reduction in the debt portfolio.
Zakat & Income tax amounted to SAR 63 million in the current period, compared to SAR 75 million in the same period last year.