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Mobily posts a 47% increase in net profit in 2Q22

29 Jul 2022

Saudi Arabian mobile network operator (MNO) Etihad Etisalat (Mobily) has published its financial results for the three months ended 30 June 2022, reporting a 4.6% year-on-year increase in revenues to SAR3.899 billion (USD1 billion), up from SAR3.728 billion in 2Q21. The company claims that the positive result was due to the growth of revenues generated by its Business and Wholesale units and ‘healthy growth’ in its fibre-to-the-home (FTTH) and overall subscription base. Further, EBITDA increased to SAR1.482 billion in 2Q22, up by 10.3% y-o-y, while interest and financial charges grew 17.6% y-o-y to SAR143 million in the period under review, reflecting the increase in interest rates. Net profit, meanwhile, improved by 47.4% y-o-y from SAR244 million to SAR360 million in 2Q22. CAPEX for the first six months of 2022 amounted to SAR539 million versus SAR425 million for the similar period of the previous year.

Saudi Arabia, Mobily (Etihad Etisalat)

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