Page 26 - SAMENA Trends - July-September 2024

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Etihad Etisalat Co. (Mobily) Announces Its
Consolidated Interim Financial Results for the

Period Ending on 30-06-2024

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

26 JULY-SEPTEMBER 2024