The gains and profits of “Mobily” amounted to 465 million riyals in the first quarter of 2023

The annual financial results of Etihad Etisalat Company (Mobily) showed that it achieved a jump in its net profits during the first quarter of 2023 by 45.77%, on an annual basis, while it decreased compared to a quarterly basis by 23.3%.

The company stated, according to a statement it made today, Thursday, on Tadawul Saudi Arabia, that the net profit after zakat and tax amounted to about 465 million riyals, compared to 319 million riyals in the comparative quarter of 2022, while its net profits in the last quarter of 2022 amounted to about 606 million riyals.

The company said that it continued to raise its revenues in the first quarter of the fiscal year 2023, as it amounted to 4.05 billion riyals, compared to 3.8 billion riyals in the same quarter of the previous year, an increase of 6.3%, mainly due to the growth in sales of business sectors and individuals in addition to the growth of the customer base. .

Mobily achieved a growth in profit before depreciation, amortization, Islamic Murabaha costs and Zakat by 8% to reach 1.55 billion riyals in the first quarter of the fiscal year 2023 AD, compared to 1.44 billion riyals for the same quarter of the previous year. This growth is due to the increase in revenues and the company's efficiency in managing its operations.

The profit margin percentage before depreciation, amortization, Islamic Murabaha costs and Zakat increased to 38.3% in the first quarter of the fiscal year 2023 AD, compared to 37.7% for the same quarter of the previous year.

Operating profits improved during the first quarter of the fiscal year 2023 AD by 36.0% to reach 627 million riyals, compared to operating profits of 461 million riyals in the same quarter of the previous year, due to the growth in profit before depreciation, amortization, Islamic Murabaha costs and zakat (EBITDA).

Finance expenses for the first quarter of the fiscal year 2023 increased by 38.2% to reach 172 million riyals, compared to 125 million Saudi riyals in the same quarter of the previous year, due to the increase in the interest rate.

Zakat and income tax expense for the first quarter of the fiscal year 2023 AD amounted to 42 million riyals, compared to zakat and income tax expense of 31 million riyals for the same quarter of the previous year.

The company had recorded a jump in its net profits during the year 2022 by 54.6%; To record the highest annual profit in 9 years, bringing the net profit after zakat and tax to about 1.66 billion riyals, compared to 1.07 billion riyals in 2021.