The preliminary financial results of Etihad Etisalat Mobily revealed that its net profits increased during the third quarter of 2024 by 58.21% on an annual basis, and net profit increased by 25.42% compared to a quarterly basis.
The company explained, according to a statement issued today, Sunday, on the Saudi Stock Exchange, that the net profit after zakat and tax amounted to about 829 million riyals, compared to 524 million riyals in the comparative quarter of last year, while its net profit in the second quarter of this year amounted to a net profit of about 661 million riyals.
This is mainly due to several factors, including a 10.6% increase in gross profit to SAR 2,566 million in the third quarter of fiscal year 2024 compared to SAR 2,319 million for the same quarter of the previous year, as a result of the growth in revenues, in addition to the positive impact resulting from the reversal of withholding tax of SAR 140 million.
Earnings before depreciation, amortization, Islamic Murabaha and Zakat (EBITDA) increased, as Mobily recorded an increase in earnings before depreciation, amortization, Islamic Murabaha and Zakat (EBITDA) by 15.4% to reach SAR 1,846 million during the third quarter of fiscal year 2024, compared to SAR 1,600 million for the same quarter of the previous year, due to the growth in the company’s revenues.
The company's revenues increased by about 9.25% to reach 4.5 billion riyals, compared to 4.12 billion riyals in the comparative quarter of last year.
Regarding the company’s profits during the first nine months of this year, the net profit amounted to about 2.12 billion riyals, compared to 1.5 billion riyals in the comparable period last year, an increase of 43.13%.
