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Mobily net profit rises 49% to SAR 470 mln in H1 2021

Mobily achieved a net profit for the second quarter of 2021, recording net profit reached SAR 244 million compared to a net profit of SAR 185 million in Q2 2020. This is mainly due to the following:

Revenues

Mobily continued to grow its revenues for the second quarter of 2021, amounted to SAR 3,728 million versus SAR 3,559 million in Q2 2020, or a YoY growth of 4.75%. This is mainly attributed to the growth in business unit revenues, the improvement in the consumer revenues and the growth of FTTH active base.

Gross profit

Q2 2021 gross profit amounted to SAR 2,147 million versus SAR 2,062 million in Q2 2020, a growth of 4.13%. This is mainly attributed to healthier topline.

EBITDA

Mobily continued in increasing its EBITDA to reach SAR 1,344 million in Q2 2021 versus SAR 1,335 million in Q2 2020, or an increase of 0.67%. The EBITDA increase is attributed to the growth of revenues.

EBITDA margin decreased to 36.1% for Q2 2021 versus 37.5% for Q2 2020.

Operational profit (EBIT)

Q2 2021 Operational profit amounted to SAR 384 million compared to an operational profit of SAR 334 million in Q2 2020, an increase of 14.76% reflecting the improvement in EBITDA.

Financial charges and Zakat

The financial charges for Q2 2021 amounted to SAR 121 million compared to SAR 139 million in Q2 2020 representing a decrease of 12.50%.

Zakat expenses for Q2 2021 amounted to SAR 20 million compared to Zakat expense of SAR 17 million in Q2 2020.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year isMobily achieved an increase in its net profit for the second quarter of 2021, recording net profit reached SAR 244 million compared to net profit of SAR 226 million in Q1 2021. This is mainly due to the following:

Revenues

Mobily revenues in Q2 2021 amounted to SAR 3,728 million versus SAR 3,603 million in Q1 2021, representing an increase by 3.47%. This is mainly attributed to the growth in business unit revenues, the improvement in the consumer revenues, the growth of FTTH active base and the growth of wholesale revenues.

Gross profit

Q2 2021 Gross profit amounted to SAR 2,147 million versus SAR 2,072 million in Q1 2021, an increase of 3.64%. This increase is mainly attributed to the improvement in the company’s topline.

EBITDA

Q2 2021 EBITDA amounted to SAR 1,344 million versus SAR 1,365 million in Q1 2021, representing a decrease of 1.49%.

EBITDA margin decreased to 36.1% in Q2 2021 versus 37.9% in Q1 2021.

Operational profit (EBIT)

Q2 2021 EBIT amounted to SAR 384 million compared to an EBIT of SAR 369 million in Q1 2021, an increase of 3.93% reflecting the improvement in the company’s topline.

Financial charges and Zakat

The financial charges for Q2 2021 decreased by 3.79% to reach SAR 121 million compared to SAR 126 million in Q1 2021.

Zakat expenses for Q2 2021 amounted to SAR 20 million versus Zakat expense of SAR 18 million in Q1 2021.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year isMobily achieved a net profit for the first half of 2021, Where H1 2021 net profit amounted to SAR 470 million compared to net profit of SAR 315 million in H1 2020. This is mainly due to the following:

Revenues

Mobily succeeded in growing its revenues where H1 2021 revenues increased by 2.40% to reach SAR 7,331 million versus SAR 7,158 million in H1 2020. This is mainly attributed to the growth in business unit revenues and the growth of FTTH active base.

Gross profit

Gross profit for the first half of 2021 amounted to SAR 4,219 million versus SAR 4,127 million in H1 2020, a growth of 2.21%. This is mainly attributed to the increase in the topline.

EBITDA

Mobily succeeded in increasing its EBITDA to reach SAR 2,709 million in H1 2021 versus SAR 2,620 million in H1 2020, or an increase of 3.37%. The EBITDA increase is attributed to the improvement in revenues.

EBITDA margin increased to 37.0% for H1 2021 versus 36.6% for H1 2020.

Operational profit (EBIT)

H1 2021 Operational profit amounted to SAR 753 million compared to an operational profit of SAR 630 million in H1 2020, an increase of 19.37%, reflecting the improvement in EBITDA.

Financial charges and Zakat

The financial charges for H1 2021 amounted to SAR 248 million compared to SAR 300 million in H1 2020, representing a decrease of 17.57%, reflecting the decrease in SAIBOR.

Zakat expenses for the current period amounted to SAR 38 million compared to Zakat expense of SAR 31 million in H1 2020.

Statement of the type of external auditor's reportUnmodified conclusion

Reclassification of Comparison ItemsCertain comparative figures have been reclassified to conform to the current period’s presentation.

Additional InformationCAPEX:

Capex in H1 2021 amounted to SAR 425 million versus SAR 1,017 million in H1 2020.

Operational Cash Flow:

Mobily improved its H1 2021 Operational Cash Flow (EBITDA-CAPEX), to reach SAR 2,284 million versus SAR 1,603 million in H1 2020, representing an increase of 42.41%.

The interim financial statements for the period ended 30th June 2021 will be available through Mobily IR App for mobile and tablet devices, and Mobily Investor Relations Website, after being published on Tadawul website.



Source: https://english.mubasher.info/news/3833165/Etihad-Etisalat-Co-Announces-its-Interim-Financial-Results-for-the-Period-Ending-on-30-06-2021-Six-Months-

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