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Mobily books 41.2% uptick in net profit in 1Q22

22 Apr 2022

Saudi Arabian mobile network operator (MNO) Etihad Etisalat (Mobily) has published its financial results for the three months ended 31 March 2022, reporting a 5.8% year-on-year increase in revenues to SAR3.811 billion (USD1 billion), up from SAR3.603 billion in 1Q21. The company claims that the positive result was due to the growth of revenues generated by its business, consumer and wholesale units and ‘healthy growth’ in its overall subscription base. Further, EBITDA increased to SAR1.445 billion in 1Q22, up by 5.9% y-o-y, while interest and financial charges decreased 1% y-o-y to SAR125 million in the period under review, reflecting the company’s efforts to reduce funding costs by refinancing a big portion of its debts. Net profit, meanwhile, improved by 41.2% y-o-y from SAR226 million to SAR319 million in 1Q22. CAPEX for the first three months of 2022 amounted to SAR220 million versus SAR155 million for the similar period of the previous year.

Saudi Arabia, Mobily (Etihad Etisalat)

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