Etihad Etisalat (Mobily) has reported a net profit of SR783 million ($208.5 million) during 2020, compared to a net profit of SR31 million in 2019, reflecting an increase of 2,425 per cent.

Mobily succeeded in growing its revenues in 2020 to SR14,046 million versus SR13,450 million in 2019, a growth of 4.4%. This is mainly attributed to the growth of data revenues, business unit and wholesale revenues, in addition to the growth and improvement of subscriber base.

Gross profit for 2020 amounted to SR8,152 million versus SR7,800 million in 2019, a growth of 4.5%.

Mobily continued achieved the highest EBITDA in the last 7 years reaching SR5,350 million in 2020 compared to SR4,947 million in 2019, or an increase of 8.2%. The EBITDA increase is attributed to the company’s efficiency in managing its operations and the growth of revenues. EBITDA margin increased to 38.1% for 2020 compared to 36.8% for 2019.

Operational profit during 2020 amounted to SR1,367 million compared to an operational profit of SR967 million in 2019, an increase of 41.3%; reflecting the improvement in EBITDA.

Financial charges and Zakat

Financial charges for 2020 have declined to reach SR561 million compared to SR929 million in 2019 representing a decrease of 39.6% reflecting the company’s efforts to reduce the funding costs by refinancing big portion of its debts at the end of 2019 and the decrease in the interest rate.

Zakat expenses for 2020 amounted to SR43 million compared to Zakat expense of SR49 million in 2019.

Mobily net debt amounted to SR10,602 million at the end of 2020 versus SR10,626 million at the end of 2019, while capex in 2020 amounted to SR2,792 million compared to SR2,760 million in 2019.

Mobily substantially improved its 2020 operational cash flow (EBITDA-CAPEX) to reach SR2,558 million compared to SR2,187 million in 2019, representing an increase of 17%. – TradeArabia News Service