Mobily Achieves Record Financial Performance in 2023
Etihad Etisalat Co. (Mobily), a leading telecommunications company in Saudi Arabia, has disclosed its consolidated financial results for the fiscal year ending on December 31, 2023. The company’s performance reflects robust growth across various financial metrics, showcasing its resilience and strategic prowess in navigating a dynamic market landscape.
Financial Highlights:
- Sales/Revenue: Mobily reported a notable increase in sales revenue, reaching SAR 16,763 million, marking a substantial 6.66% surge compared to SAR 15,717 million in the previous year.
- Gross Profit: The company’s gross profit stood at SAR 9,452 million, reflecting a marginal growth of 0.76% from SAR 9,381 million in the preceding year.
- Operational Profit: Mobily demonstrated significant operational improvement, with operational profit surging by 27.88% to SAR 2,977 million, compared to SAR 2,328 million in the previous year.
- Net Profit: The telecommunications giant recorded a remarkable net profit of SAR 2,232 million, representing a robust 34.7% increase from SAR 1,657 million in the previous year.
Key Drivers of Growth:
The impressive financial performance can be attributed to several key factors:
- Revenue Streams: Mobily experienced growth across all revenue streams, coupled with a notable expansion in its subscriber base, driving the surge in sales revenue.
- Operational Efficiency: The company’s focus on operational efficiency contributed to an increase in gross profit, further bolstered by a positive impact from a contingent liability reversal.
- EBITDA Margin: Mobily witnessed a 7.22% increase in EBITDA, reaching SAR 6,625 million, with the EBITDA margin expanding to 39.5% in 2023 compared to 39.3% in the previous year.
- Investment in CAPEX: The company’s investment in capital expenditure (CAPEX) increased by 10.8% to SAR 2,318 million in 2023, reflecting its commitment to enhancing infrastructure and service offerings.
