Riyadh: Etihad Etisalat Company’s (Mobily) consolidated net profit surged 34.70% year-on-year (YoY) to SAR 2.23 billion during the financial year 2023, versus SAR 1.65 billion.

Revenues rose by 6.66% YoY to SAR 16.76 billion last year from SAR 15.71 billion in 2022, according to the consolidated annual financial results.

The earnings per share (EPS) reached SAR 2.90 in 2023, up from SAR 2.15 a year earlier.

Salman Abdulaziz Al Badran, CEO of Mobily, said: “Our corporate strategy for 2023, which was launched in 2023, has successfully accelerated the pace of growth to move forward towards achieving our goals and solidifying Mobily's position as a leading digital partner in the TMT sector in the kingdom.”

“The Company saw its highest annual revenue in the past decade. The company's strategic focus has been on diversifying its range of services, products and solutions to meet its customers' growing and changing needs, while always striving to provide the best services and experiences to stakeholders,” Al Badran added.

Khalid Abdulrahman Abanami, Chief Financial Officer at Mobily, stated: Mobily delivered a standout performance in 2023, driven by its continuous efforts to promote innovation, digital transformation, and diversify its sources of income."

“2023 results showed a remarkable 34.70% rise in net income to SAR 2.20 billion, the highest in a decade. This stellar growth, fueled by revenue and EBITDA expansion, empowered us to offer 26.10% higher dividends to shareholders, reflecting our commitment to sustainable value creation,” he noted.

Earlier in February, Mobily’s board recommended the distribution of SAR 1.11 billion in cash dividends for 2023.

The company's net profit jumped 41.39% YoY to SAR 1.48 billion in the first nine months (9M) of 2023, versus SAR 1.05 billion.

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