- Mobily achieves remarkable growth of 5.6% in revenues and 54.6% in net income for the year 2022 compared to last year
- 1 in the last 9 years with a resilient EBITDA1 growth of 10.4% in 2022 compared to 2021, driven by topline performance in addition to the company’s efficiency in managing its operations
- · Strong growth in EBITDA1 supported a continued healthy growth of 16.6% in Operational Cash Flow2, reaching SAR 4.1 bn, despite CAPEX increase
- · Mobily continued its efforts to reduce its debt portfolio and paid off more than SAR 1.2 bn of its debt portfolio during the year, supporting an impressive downtrend in Net Debt/EBITDA ratio to reach 1.66x
Riyadh, Saudi Arabia: Etihad Etisalat Company (“Mobily” or the “Company”), a leading Saudi Arabian telecommunications services provider, announces its financial results for FY 2022, recording a net income of SAR 1.7 bn, a 54.6% increase compared to SAR 1.1 bn from last year, on the back of healthy growth in revenue coupled with margin improvement.
Financial Performance Highlights – FY 2022
- Revenue increased by 5.6% YoY to reach SAR 15,669 mn, driven by the growth of all revenue streams. Mobily’s overall subscriber base continued to show solid growth
- EBITDA1 increased by 10.4% YoY to reach SAR 6,161 mn, mainly on the back of revenues growth. Mobily recorded strong EBITDA margin level at 39.3% compared to 37.6% last year
- · Net Income recorded SAR 1,657 mn, representing a 54.6% YoY growth, owing primarily to sustained revenue growth and strong EBITDA1 growth, as well as disciplined cost management despite a 20.2% YoY increase in finance charges, which reached SAR 607 million due to the increase in interest rates
- amounted to SAR 2,093 mn, due to the achievement of strategic objectives with the continued roll-out of 5G, IoT investments, and increased FTTH coverage. As a result, CAPEX/revenue stood at 13.4% in 2022, compared to 14.1% in 2021
- Operational Cash Flow2 increased by 16.6% to reach SAR 4,067 mn, compared to SAR 3,489 mn a year earlier, owing to the solid EBITDA1 growth
| Key performance highlights | ||||||
| 2022 | 2021 | %∆ YoY | ||||
| Revenue | 15,669 | 14,834 | 5.6% | |||
| EBITDA1 | 6,161 | 5,581 | 10.4% | |||
| EBITDA margin | 39.3% | 37.6% | 1.7% | |||
| Net Income | 1,657 | 1,072 | 54.6% | |||
| CAPEX | 2,093 | 2,092 | 0.1% | |||
| CAPEX/revenue | 13.4% | 14.1% | -0.7% | |||
| Operational Cash Flow2 | 4,067 | 3,489 | 16.6% | |||
| Net debt3 | 10,199 | 12,128 | -15.9% | |||
| Net debt/EBITDA (x) | 1.66x | 2.17x | – |
In SAR mn, unless stated otherwise
Eng. Salman Abdulaziz Al Badran, Chief Executive Officer commented:
“Our GAIN Corporate Strategy continued to accelerate and create value for our business and shareholders in the third and final year of its successful execution, thanks to our diverse and talented workforce, which delivered faster speeds, greater coverage, improved customer experience and satisfaction, and outstanding financial performance. Building on the strong momentum in the past years, Mobily continued to deliver an outstanding performance in 2022, achieving the highest annual revenues in the last nine years, with an overall revenue growth of 5.6% to reach SAR 15.7 bn, as we maintained momentum and expanded revenues across all revenue streams. We look forward to capitalizing on our performance and resilience to further diversify our revenue streams and digitalize our business.”
Mr. Khalid Abdulrahman Abanami, Chief Financial Officer commented:
“Mobily’s excellent financial performance and strong brand for 2022 give us confidence in our strategic direction and our ability to generate increasing value for our valued shareholders. We recorded a rise in net income of 54.6% to SAR 1.7 bn in 2022, while our EBITDA increased by 10.4% to reach SAR 6.2 bn. These strong results were primarily driven by revenue expansion and implementation of operational efficiency enhancement strategies executed throughout the year. With our continuous investment efforts in our human capital, infrastructure, and digitalization, we will accelerate our transformation and fulfill our role as a key enabler in achieving the objectives of the Kingdom’s Vision 2030.”
Business Performance Highlights
Over the year, Mobily remained committed to driving innovation and growth by launching new products and streamlining operations, in accordance with its strategy of accelerating digital revenue streams while implementing and optimizing efficient delivery of products, services, and solutions.
In line with the overarching GAIN strategy, Mobily has been focused on capturing market share in Saudi’s dynamic telecoms landscape and continuing to accelerate expansions of its 5G services across various strategic locations by the end of 2022, covering more than 80% of the Kingdom’s 6 major cities. The Company has been collaborating with its blue-chip partners to achieve the fastest connection in the Middle East and North Africa (MENA) region – reaching an industry-leading maximum download speed of 3.8 Gbps by integrating 5G frequencies, which will enable Mobily to improve its 5G customer experience.
Mobily’s Fiber-to-the-Home (FTTH) services continued to deliver value in 2022. The Company accelerated the rollout of open access FTTH utilization and succeeded in expanding customer base growth YoY, demonstrating sustained high demand for premium home services.
The Company continued to promote digitization across key segments; in March, Mobily Pay had received the Saudi Central Bank’s (SAMA) license to conduct payments and Electronic Wallets Businesses. Mobily Pay is a digital e-wallet offering a complete set of customizable services, including card payments, wallet-to-wallet transfers, local and international bank transfers, bill payments, and sending gifts. The Mobily Pay value proposition is based on a Cost-Efficient operation, innovative product management & leveraging multiple strong partnerships from financial industry to provide superior quality customized services to offer customers practical financial services. In September, Mobily successfully completed the commercial launch of Mobily Pay, as part of Mobily’s commitment to continue supporting the digital transformation process in the Kingdom.
Etihad Etisalat Company (Mobily) Board of Directors stated that they have full confidence in the company’s growth potential, service quality, strategic ambitions, and value for shareholders. With its advanced technical and operational skills, Mobily remains committed to creating new opportunities by acting as a key enabler for the Kingdom’s digital economy, in line with the Kingdom’s Vision 2030.
