Mobily increases its profits 25 times in 2020

Etihad Etisalat Company (Mobily) achieved an increase of 2,425.8% in net profit to reach 783 million riyals during 2020. Against 31 million riyals last year, so profits jumped more than 25 times.

According to Arabiya Net, the company said in a statement that revenues increased by 4.4% to 14.046 billion riyals, compared to 13.45 billion riyals in 2019.

This is mainly due to the growth in data sales, the growth in business and wholesale sales, as well as the increase and improvement of the quality of the customer base.

The main reason for achieving net profit is the increase in gross profit by 4.5% to reach 8,152 million riyals for the fiscal year 2020 AD compared to 7,800 million riyals for the previous year. Mainly due to the improvement in revenues.

and Mobily achieved the highest profit before deducting depreciation, amortization, Islamic Murabaha costs and Zakat (EBITDA) during the past seven years, reaching 5.350 billion riyals in the year 2020 AD compared to 4.947 billion riyals. For the previous year, an increase of 8.2%. This improvement is due to the company's efficiency in managing its operations and the increase in revenues.

The profit margin ratio before deduction of depreciation, amortization, Islamic Murabaha costs and Zakat (EBITDA margin) improved to 38.1% for the current year compared to 36.8% in the previous year. < / p>

and operating profits during the fiscal year 2020 increased by 41.3% to reach 1.367 billion riyals, compared to an operating profit of 967 million riyals in the previous year, and this is due to the improvement in profit Before deduction of depreciation, amortization, Islamic Murabaha costs and Zakat (EBITDA).

and the financing expenses for the fiscal year 2020 AD decreased to reach 561 million riyals compared to 929 million riyals for the previous year, a decrease of 39.6%, as a result of the company's efforts to reduce financing expenses by re- Financing a large part of the outstanding loans by the end of 2019, in addition to the decrease in the interest rate.

The zakat expense for the fiscal year 2020 is 43 million riyals, compared to the zakat expense of 49 million riyals for the previous year.

The net debt amounted to 10.602 billion riyals at the end of 2020, compared to 10.626 billion riyals at the end of the previous year.