Mobily reports a surge in profit to SAR783m in 2020

22 Feb 2021

Saudi Arabian mobile network operator (MNO) Etihad Etisalat (Mobily) has published its financial results for the twelve months ended 31 December 2020, reporting a 4.4% year-on-year increase in revenues to SAR14.046 billion (USD3.7 billion), up from SAR13.450 billion in 2019. The company claims that the positive result was due to the growth of data and wholesale revenues, and growth of its Business unit, in addition to the expansion and improvement of its subscribers base. Further, EBITDA increased to SAR5.350 billion in 2020, up by 8.2% y-o-y, while interest and financial charges decreased from SAR929 million to SAR561 million in the period under review, reflecting the company’s efforts to reduce funding costs by refinancing of a big portion of its debts at the end of 2019 and the decrease in the interest rate. Net profit, meanwhile, improved to SAR783 million in the twelve months ended 31 December 2020, compared to a net profit of SAR31 million in 2019. CAPEX for 2020 remained flat, at SAR2.792 billion (SAR2.760 billion in 2019).

Saudi Arabia, Mobily (Etihad Etisalat)