Mobily Reports Impressive Growth with 40.5% Increase in Q3 2023 Net Profit

Leading telecommunications firm Mobily has reported a remarkable 40.5% increase in net profit for Q3 2023, reaching SAR 524 million compared to SAR 373 million in Q3 2022. This surge is attributed to a 7.1% YoY revenue growth, totaling SAR 4,100 million, with robust performances across all revenue streams, especially in the business segment.

Gross profit also rose by 2.7% to SAR 2,362 million in Q3 2023 from SAR 2,300 million in Q3 2022, driven by increased revenue. The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) showed an 8.0% YoY growth, reaching SAR 1,596 million, reflecting efficient operational management.

Comparing Q3 2023 to the previous quarter (Q2 2023), Mobily’s net profit increased by 5.4% to SAR 524 million. The dip in revenue to SAR 4,100 million is attributed to seasonal factors in the Consumer segment. Gross profit slightly decreased by 3.0% QoQ to SAR 2,362 million due to the revenue drop.

For the year ending September 30, 2023, Mobily achieved an outstanding 41.4% growth in net profit, totaling SAR 1,486 million. This surge is primarily attributed to a 7.5% YoY increase in revenue, reaching SAR 12,399 million, supported by an expanding subscriber base and robust revenue streams.

Additionally, the company received an unmodified conclusion from its external auditors, with comparative figures reclassified for accurate presentation. CAPEX for the first nine months of 2023 amounted to SAR 949 million, showing a 9.5% increase from the previous year.