Riyadh, Saudi Arabia — Etihad Etisalat Company (Mobily) reported a net profit of SAR 2.23 billion ($594 million) for 2023, an increase of 35 percent from SAR 1.65 billion in the prior year.
The positive performance was driven by the increase in revenue across all segments and expanding customer base, Argaam reported. Additionally, gross profit rose to SAR 9.45 billion in 2023 from SAR 9.38 billion in 2022, reflecting overall revenue growth.
Meanwhile, Mobily recorded an increase in the EBITDA by 7.22 percent to SAR 6.62 billion in 2023, compared to SAR 6.17 billion in the prior year. This increase was attributed to the company’s operational efficiency and the positive impact of a contingent liability reversal of SAR 202 million, according to Argaam.
EBITDA margin increased to 39.5 percent last year versus 39.3 percent in 2022.
The telco’s Q4 2023 net profit surged 23 percent to SAR 745.93 million, compared to SAR 605.89 in the year-ago period. On a sequential basis, Q4 earnings grew 42.4 percent, Argaam reported.
