Etihad Etisalat Company (Mobily), a leading Saudi Arabian telecommunications services provider, has announced its financial results for Q3 2024, demonstrating continued strategic achievements and sustained growth.
Due to its outstanding operational and financial performance, Mobily has achieved a remarkable growth in net income for the first nine months of 2024.
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Q3 Financial Highlights
According to its published earnings release, the telco’s revenue increased by 9.3% YoY to SAR 4,499 million, fueled by growth across all of the company's revenue streams. Additionally, Mobily’s mobile subscribers increased to 11.7 million—9.8 million prepaid subscribers, and 1.9 million postpaid subscribers—while its FTTH subscribers reached 0.283 million.
Mobily’s net income during Q3 2024 impressively surged by 58.2% YoY, reaching SAR 829 million, reflecting revenue growth, as well as a higher EBITDA (15.4%) and EBITDA margin (41%). The gross and operational profits of the company also experienced double-digit growth compared to last year’s third quarter: SAR 2,566 million (10.7%) and SAR 960 million (48.7%), respectively.
During the current period, Mobily managed to reduce its debt portfolio by SAR 2.1 billion while also reducing its financing expenses by 9.2%. The company’s CapEx reached SAR 471 million in Q3 2024, demonstrating a CapEx/revenue ratio of 8%.
These results reflect the company’s successful ongoing investments in network development, 5G network expansion, Internet of Things (IoT) infrastructure, data centers, and submarine cables
Source: Mobily’s LinkedIn Page
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Q3 Performance Highlights
Mobily achieved remarkable milestones during Q3 2024. These include the following:
- Obtained the local content certificate for the fifth consecutive year for supporting local content initiatives to strengthen the national economy
- Recognized for implementing best practices in terms of business continuity and resilience
- Signed a hosting agreement with Red Bull Mobile to monetize its existing infrastructure; tapping into a new customer segment, developing innovative solutions, and enhancing the digital economy
- Contributed to the development of the sports sector in the Kingdom via an agreement with MBC Media Solutions (MMS) to sponsor the live broadcast of the Saudi Pro League of Roshn
Mobily continued to deliver an outstanding performance in net profit in Q3 2024, driven by strong growth across all revenue streams. The 'business’ segment continued its efforts to cultivate and reinforce relationships with government, corporate and small- and medium-sized business customers, while the ‘consumer’ segment launched the unique X-Stream Postpaid package, which offers free streaming content on various renowned platforms. Furthermore, Mobily maintained its strategy to attract and retain customers in a competitive market.
Within the ‘wholesale’ segment, Mobily signed a hosting agreement with Red Bull Mobile as a Mobile Virtual Network Operator (MVNO) and participated in the Submarine Network World conference in Singapore, showcasing its key services and innovative solutions, which are supporting the objectives of the Saudi Vision 2030.
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