Mobily trims losses by 43% in Q1

22/04/2018 Argaam Exclusive

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Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Etihad Etisalat Co. (Mobily) narrowed losses by 42.94 percent year-on-year (YoY) to SAR 93 million in Q1 2018 on higher data revenue, in addition to reversing unnecessary provisions and adopting a cost-efficiency strategy.

Revenue edged lower YoY to SAR 2.8 billion in Q1 2018, due to the impact of VAT on sales and a 45 percent drop in call rates.

Compared to the previous quarter, Q1 losses shrank by 48.9 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	2,865.06	2,832.51	(1.1 %)
Gross Income	1,664.83	1,662.77	(0.1 %)
Operating Income	87.56	93.24	6.5 %
Net Income	(163.10)	(93.41)	42.7 %
Average Shares	770.00	770.00	-
EPS (Riyals)	(0.21)	(0.12)	42.7 %

Item	Q4 2017	Q1 2018	Change‬
Revenues	2,826.66	2,832.51	0.2 %
Gross Income	1,560.17	1,662.77	6.6 %
Operating Income	6.35	93.24	1368.5 %
Net Income	(181.72)	(93.41)	48.6 %
Average Shares	770.00	770.00	-
EPS (Riyals)	(0.24)	(0.12)	48.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	2,810.46	21.8 %	1,616.66	32.1 %	480.16	47.3 %	0.62
Q2 2009	3,199.37	25.8 %	1,833.25	29.7 %	674.93	50.5 %	0.88
Q3 2009	3,511.17	23.9 %	1,982.11	26.5 %	806.85	49.6 %	1.05
Q4 2009	3,537.27	13.8 %	2,114.53	16.3 %	1,051.93	35.2 %	1.37
2009	13,058.26	21.0 %	7,546.55	25.3 %	3,013.87	44.1 %	3.91
Q1 2010	3,581.38	27.4 %	1,827.12	13.0 %	714.06	48.7 %	0.93
Q2 2010	3,972.33	24.2 %	2,073.83	13.1 %	901.02	33.5 %	1.17
Q3 2010	3,988.50	13.6 %	2,309.86	16.5 %	1,137.55	41.0 %	1.48
Q4 2010	4,470.94	26.4 %	2,572.61	21.7 %	1,458.84	38.7 %	1.89
2010	16,013.14	22.6 %	8,783.42	16.4 %	4,211.48	39.7 %	5.47
Q1 2011	4,484.30	25.2 %	2,289.13	25.3 %	998.23	39.8 %	1.30
Q2 2011	5,126.64	29.1 %	2,477.75	19.5 %	1,164.07	29.2 %	1.51
Q3 2011	4,639.69	16.3 %	2,472.28	7.0 %	1,223.77	7.6 %	1.59
Q4 2011	5,801.62	29.8 %	3,086.91	20.0 %	1,697.39	16.4 %	2.20
2011	20,052.25	25.2 %	10,326.07	17.6 %	5,083.46	20.7 %	6.60
Q1 2012	5,008.63	11.7 %	2,613.09	14.2 %	1,207.45	21.0 %	1.57
Q2 2012	5,678.49	10.8 %	2,955.86	19.3 %	1,421.26	22.1 %	1.85
Q3 2012	6,183.15	33.3 %	2,986.06	20.8 %	1,511.41	23.5 %	1.96
Q4 2012	6,715.03	15.7 %	3,421.97	10.9 %	1,877.54	10.6 %	2.44
2012	23,585.30	17.6 %	11,976.97	16.0 %	6,017.65	18.4 %	7.82
Q1 2013	5,593.04	11.7 %	2,693.80	3.1 %	1,339.64	10.9 %	1.74
Q2 2013	5,960.05	5.0 %	2,975.14	0.7 %	1,611.04	13.4 %	2.09
Q3 2013	4,883.46	(21.0 %)	3,292.03	10.2 %	1,631.94	8.0 %	2.12
Q4 2013	4,087.12	(39.1 %)	2,589.22	(24.3 %)	447.60	(76.2 %)	0.58
2013	18,102.67	(23.2 %)	11,206.67	(6.4 %)	4,691.91	(22.0 %)	6.09
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)
2014	14,004.01	(22.6 %)	6,778.54	(39.5 %)	(1575.81)	(133.6 %)	(2.05)
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
2015	14,424.13	3.0 %	7,958.09	17.4 %	(1093.13)	30.6 %	(1.42)
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)
2016	12,569.40	(12.9 %)	7,425.29	(6.7 %)	(213.64)	80.5 %	(0.28)
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)
2017	11,351.30	(9.7 %)	6,530.31	(12.1 %)	(708.94)	(231.8 %)	(0.92)
Q1 2018	2,832.51	(1.1 %)	1,662.77	(0.1 %)	(93.41)	42.7 %	(0.12)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	10,794.54	27.9 %	6,021.05	29.5 %	2,091.78	51.6 %	2.72
2009	13,058.26	21.0 %	7,546.55	25.3 %	3,013.87	44.1 %	3.91
2010	16,013.14	22.6 %	8,783.42	16.4 %	4,211.48	39.7 %	5.47
2011	20,052.25	25.2 %	10,326.07	17.6 %	5,083.46	20.7 %	6.60
2012	23,585.30	17.6 %	11,976.97	16.0 %	6,017.65	18.4 %	7.82
2013	18,102.67	(23.2 %)	11,206.67	(6.4 %)	4,691.91	(22.0 %)	6.09
2014	14,004.01	(22.6 %)	6,778.54	(39.5 %)	(1575.81)	(133.6 %)	(2.05)
2015	14,424.13	3.0 %	7,958.09	17.4 %	(1093.13)	30.6 %	(1.42)
2016	12,569.40	(12.9 %)	7,425.29	(6.7 %)	(213.64)	80.5 %	(0.28)
2017	11,351.30	(9.7 %)	6,530.31	(12.1 %)	(708.94)	(231.8 %)	(0.92)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	56.78 %	35.20 %	19.88 %
Q2 2009	57.18 %	35.61 %	20.68 %
Q3 2009	57.40 %	36.11 %	21.69 %
Q4 2009	57.79 %	37.04 %	23.08 %
2009	57.79 %	37.04 %	23.08 %
Q1 2010	56.09 %	36.94 %	23.48 %
Q2 2010	54.77 %	36.75 %	23.79 %
Q3 2010	55.21 %	38.04 %	25.23 %
Q4 2010	54.85 %	38.50 %	26.30 %
2010	54.85 %	38.50 %	26.30 %
Q1 2011	54.65 %	38.01 %	26.58 %
Q2 2011	53.40 %	38.37 %	26.33 %
Q3 2011	52.41 %	37.91 %	25.88 %
Q4 2011	51.50 %	37.17 %	25.35 %
2011	51.50 %	37.17 %	25.35 %
Q1 2012	51.76 %	38.00 %	25.72 %
Q2 2012	52.67 %	37.71 %	26.27 %
Q3 2012	51.35 %	36.85 %	25.75 %
Q4 2012	50.78 %	36.18 %	25.51 %
2012	50.78 %	36.18 %	25.51 %
Q1 2013	49.89 %	35.84 %	25.44 %
Q2 2013	49.39 %	36.50 %	25.93 %
Q3 2013	53.49 %	39.23 %	27.90 %
Q4 2013	56.28 %	38.02 %	24.51 %
2013	61.91 %	41.24 %	25.92 %
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 %)
2014	48.40 %	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 %)
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 %)
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 %)
2017	57.53 %	33.88 %	(5.88 %)
Q1 2018	57.68 %	34.38 %	(5.65 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	55.78 %	35.15 %	19.38 %
2009	57.79 %	37.04 %	23.08 %
2010	54.85 %	38.50 %	26.30 %
2011	51.50 %	37.17 %	25.35 %
2012	50.78 %	36.18 %	25.51 %
2013	61.91 %	41.24 %	25.92 %
2014	48.40 %	24.77 %	(2.08 %)
2015	55.17 %	26.13 %	(1.84 %)
2016	59.07 %	31.96 %	(2.62 %)
2017	57.53 %	33.88 %	(5.88 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	57.52 %	32.32 %	17.08 %
Q2 2009	57.30 %	35.32 %	21.10 %
Q3 2009	56.45 %	36.39 %	22.98 %
Q4 2009	59.78 %	42.99 %	29.74 %
Q1 2010	51.02 %	32.94 %	19.94 %
Q2 2010	52.21 %	34.94 %	22.68 %
Q3 2010	57.91 %	41.33 %	28.52 %
Q4 2010	57.54 %	43.58 %	32.63 %
Q1 2011	51.05 %	32.23 %	22.26 %
Q2 2011	48.33 %	36.90 %	22.71 %
Q3 2011	53.29 %	39.07 %	26.38 %
Q4 2011	53.21 %	39.72 %	29.26 %
Q1 2012	52.17 %	36.15 %	24.11 %
Q2 2012	52.05 %	35.92 %	25.03 %
Q3 2012	48.29 %	35.58 %	24.44 %
Q4 2012	50.96 %	36.99 %	27.96 %
Q1 2013	48.16 %	34.68 %	23.95 %
Q2 2013	49.92 %	38.59 %	27.03 %
Q3 2013	67.41 %	48.31 %	33.42 %
Q4 2013	63.35 %	29.45 %	10.95 %
Q1 2014	56.16 %	30.06 %	8.06 %
Q2 2014	53.29 %	29.36 %	2.59 %
Q3 2014	56.55 %	26.11 %	3.35 %
Q4 2014	19.50 %	9.34 %	(30.25 %)
Q1 2015	52.11 %	25.80 %	(0.72 %)
Q2 2015	52.91 %	24.14 %	(3.34 %)
Q3 2015	54.73 %	22.18 %	(4.28 %)
Q4 2015	61.19 %	32.70 %	1.11 %
Q1 2016	55.95 %	32.52 %	0.57 %
Q2 2016	63.48 %	34.48 %	0.10 %
Q3 2016	59.39 %	27.65 %	(9.63 %)
Q4 2016	57.47 %	32.79 %	(2.41 %)
Q1 2017	58.11 %	34.35 %	(4.23 %)
Q2 2017	57.23 %	27.42 %	(6.65 %)
Q3 2017	59.59 %	41.19 %	(6.22 %)
Q4 2017	55.19 %	32.68 %	(6.43 %)
Q1 2018	58.70 %	36.32 %	(3.30 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	770.00	2.92	2.92	12.61
Q2 2009	770.00	3.21	3.21	13.49
Q3 2009	770.00	3.56	3.56	14.53
Q4 2009	770.00	3.91	3.91	15.90
Q1 2010	770.00	4.22	4.22	15.69
Q2 2010	770.00	4.51	4.51	16.86
Q3 2010	770.00	4.94	4.94	18.34
Q4 2010	770.00	5.47	5.47	20.23
Q1 2011	770.00	5.84	5.84	19.71
Q2 2011	770.00	6.18	6.18	21.22
Q3 2011	770.00	6.29	6.29	21.68
Q4 2011	770.00	6.60	6.60	23.88
Q1 2012	770.00	6.87	6.87	23.63
Q2 2012	770.00	7.21	7.21	24.57
Q3 2012	770.00	7.58	7.58	25.62
Q4 2012	770.00	7.82	7.82	27.15
Q1 2013	770.00	7.99	7.99	27.74
Q2 2013	770.00	8.23	8.23	28.68
Q3 2013	770.00	8.39	8.39	29.16
Q4 2013	770.00	6.53	6.53	27.42
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	770.00	2.72	2.72	12.67
2009	770.00	3.91	3.91	15.90
2010	770.00	5.47	5.47	20.23
2011	770.00	6.60	6.60	23.88
2012	770.00	7.82	7.82	27.15
2013	770.00	6.09	6.09	27.42
2014	770.00	(2.05)	(0.38)	21.63
2015	770.00	(1.42)	(0.34)	20.21
2016	770.00	(0.28)	(0.43)	19.42
2017	770.00	(0.92)	(0.87)	18.51

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	10.75	10.75	2.49
Q2 2009	9.94	9.94	2.37
Q3 2009	10.63	10.63	2.60
Q4 2009	10.08	10.08	2.48
Q1 2010	10.83	10.83	2.91
Q2 2010	9.65	9.65	2.58
Q3 2010	9.80	9.80	2.64
Q4 2010	9.18	9.18	2.48
Q1 2011	8.02	8.02	2.38
Q2 2011	7.72	7.72	2.25
Q3 2011	7.66	7.66	2.22
Q4 2011	7.23	7.23	2.00
Q1 2012	8.66	8.66	2.52
Q2 2012	7.92	7.92	2.32
Q3 2012	8.12	8.12	2.40
Q4 2012	8.84	8.84	2.54
Q1 2013	10.24	10.24	2.95
Q2 2013	9.84	9.84	2.82
Q3 2013	10.10	10.10	2.91
Q4 2013	13.09	13.09	3.12
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

Period	P/E	Adjusted P/E	Price/book
2008	10.37	10.37	2.22
2009	10.08	10.08	2.48
2010	9.18	9.18	2.48
2011	7.23	7.23	2.00
2012	8.84	8.84	2.54
2013	14.03	14.03	3.12
2014	NEG	NEG	2.03
2015	NEG	NEG	1.40
2016	NEG	NEG	1.24
2017	NEG	NEG	0.80

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

Period	Consumer revenues	Business revenues	Wholesale revenues	Outsourcing revenues
2016	10,449.73	1,357.51	696.57	65.59
2017	9,459.89	1,124.62	676.98	89.81

Analysts Estimates (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change‬
Average	(180.20)	(93.41)	48.16 %

Estimates vs Actual (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change
Riyad Capital	(157.00)	(93.41)	40.5 %
SNB Capital	(171.00)	(93.41)	45.4 %
Al Rajhi Capital	(176.00)	(93.41)	46.9 %
Albilad Capital	(185.00)	(93.41)	49.5 %
Sico	(194.00)	(93.41)	51.9 %
AlJazira Capital	(198.20)	(93.41)	52.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	38,461.50
Enterprise Value (EV) (M)	41,787.46
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)	15.59
P/E (TTM)	15.99
Price/book	2.11
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	13.7

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Mobily trims losses by 43% in Q1

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Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Mobily trims losses by 43% in Q1

View other reports

Share Price

Etihad Etisalat Co. (ETIHAD ETISALAT)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2018

Revenue by Business Segment (Latest) 2018 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)