Etihad Etisalat Co. (Mobily) reported a net profit after Zakat and tax of SAR 1.65 billion for 2022, a rise of 55% from SAR 1.07 billion in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 14,834.06 | 15,717.42 | 6.0 % |
| Gross Income | 8,671.52 | 9,381.34 | 8.2 % |
| Operating Income | 1,654.00 | 2,328.02 | 40.8 % |
| Net Income | 1,071.54 | 1,656.94 | 54.6 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 1.39 | 2.15 | 54.6 % |
The profit increase was driven by higher revenue, which rose 5.6% to SAR 15.66 billion in 2022 from SAR 14.83 billion last year, as all revenue streams recorded growth along with an increase in the subscriber base.
As a result, gross profit rose 8% year-on-year (YoY) to SAR 9.36 billion in 2022.
Mobily delivered its highest earnings before interest, taxes, depreciation and amortization (EBITDA) over the past nine years. EBITDA grew 10.4% YoY to SAR 6.16 billion in 2022. EBITDA margin increased to reach 39.3% in 2022 versus 37.6% in 2021.
In addition, operational profit increased by 39.7% YoY to SAR 2.31 billion.
Meanwhile, financial charges increased by 20.2% YoY to SAR 607 million, reflecting the increase in interest rate.
Zakat expenses stood at SAR 122 million in 2022 compared to SAR 79 million in 2021.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 3,897.42 | 4,180.04 | 7.3 % |
| Gross Income | 2,266.80 | 2,510.24 | 10.7 % |
| Operating Income | 486.51 | 829.26 | 70.5 % |
| Net Income | 320.82 | 605.89 | 88.9 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.42 | 0.79 | 88.9 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 3,827.61 | 4,180.04 | 9.2 % |
| Gross Income | 2,300.40 | 2,510.24 | 9.1 % |
| Operating Income | 524.85 | 829.26 | 58.0 % |
| Net Income | 372.52 | 605.89 | 62.6 % |
| Average Shares | 770.00 | 770.00 | - |
| EPS (Riyals) | 0.48 | 0.79 | 62.6 % |
The fourth-quarter net profit after Zakat and tax grew 89% to SAR 606 million, from SAR 320.82 million in Q4 2021.
Sequentially, net profit grew 62.7% from SAR 372.52 million in Q3 2022.
Total shareholders’ equity, excluding minority interest, reached SAR 16.35 billion as of Dec. 31, 2022, compared to SAR 15.19 billion a year earlier.
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