Etihad Etisalat Company (Mobily) delivers the highest top-and-bottom-line levels since 2014, reaching SAR 14.8 billion of revenues and 1.1 billion of net income in 2021.
Revenue increased by 5.6% YoY, driven by strong growth in the business and consumer segments, with the latter showing promising growth in fiber-to-the-home (FTTH). Mobily ended 2021 with the highest-ever revenue and gross margins as well as best cash collection performance in the business segment.
Furthermore, Mobily’s net income increased by 36.8% YoY, predominantly owing to the solid growth in revenues in addition to a 10% YoY decrease in finance charges which reached SAR 505 million.
Commenting on the results, Eng. Salman Bin Abdulaziz Al Badran, chief executive officer at Mobily, said, “All sectors in Mobily showed significant performance in 2021, and as a result, Mobily was able to achieve significant operational successes and meet ambitious targets in line with our strategy of growing core sectors while optimizing efficient delivery of services and products. Highlights for the year included the digital enhancements, as well as a substantial increase in our FTTH customer segment.”
EBITDA also represented a 4.6% YoY growth, recording SAR 5.6 billion, with the EBITDA margin reaching 37.7% compared to 38.1% last year. CAPEX significantly decreased by 25.1% YoY as well, reaching SAR 2.1 billion in 2021 due to the completion and achievement of strategic objectives. As a result, CAPEX/revenue stood at 14.1% in 2021 compared to 19.9% in 2020.
Mobily mostly focused its 2021 CAPEX toward the ongoing rollout of 5G, expanding fixed wireless access in 5G coverage areas which supported growth in the home segment revenue and customer base.
Operational cash flow also increased by 36.9% to reach SAR 3.5 billion due to the increase in EBITDA and decrease in CAPEX.
Khalid Abanami, chief finance officer at Mobily, added, “Thanks to our continued focus on effective cost management and streamlining efficiencies in areas including customer care, the launch of several enterprise projects, and expansion of 5G services, we were able to improve our performance and solidify our position as a leading telecommunications provider in the Kingdom.”