Mobily's Profits Skyrocket

Mobily's Profits Skyrocket

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  • In the first nine months of 2023, the net profits of Etihad Etisalat Company (Mobily), after accounting for Zakat and taxes, saw a significant increase of 41.39%, reaching SAR 1.48 billion compared to SAR 1.05 billion in the previous year. Mobily's consolidated interim income statements show that the company generated revenues of SAR 12.39 billion during 9M-23, representing a 7.47% year-on-year (YoY) growth from SAR 11.53 billion. Additionally, the earnings per share (EPS) for January-September 2023 reached SAR 1.93, reflecting an annual increase from SAR 1.37.
  • In the third quarter (Q3) of 2023, Mobily reported net profits after Zakat and tax amounting to SAR 524 million, marking a notable 40.48% increase from SAR 373 million in July-September 2022. The company's Q3-23 revenues amounted to SAR 4.10 billion, which was 7.11% higher YoY compared to SAR 3.82 billion. During the same period, the gross profit experienced a 2.70% YoY growth, reaching SAR 2.36 billion in the three-month period ending on September 30, 2023, up from SAR 2.30 billion. This growth was primarily driven by the increase in revenue.

Why it matters

On a quarter-on-quarter (QoQ) basis, the profits for Q3-23 grew by 5.43% from SAR 497 million in Q2-23. However, the revenues for the same period decreased by 3.48%, dropping from SAR 4.24 billion.


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