Mobily net profit down 19% year-on-year in Q214

Mobily has posted a six per cent increase in its H1 revenues as it announced the interim financial results for the period ending on June 30, 2014.

Revenues for the first six months totalled SAR12.227 billion (US$3.26 billion), while gross profit for the second quarter amounted to SAR3.088 billion, up four per cent.

Q214 gross profit margin increased to 52 per cent from 50 per cent a year earlier, and was a result of Mobily’s improved revenue mix.

Q214 EBITDA margin stood at 35 per cent, down from 39 per cent a year earlier, and 36 per cent in Q114.

Net profit in Q214 came in at SAR1.312 billion, down 19 per cent year-on-year, and six per cent quarter-on-quarter. The reduction in net profit was attributed to writing off SAR338.7 million of net profit for Q214 that had been recognised in net profit in Q1.

Data revenues totalled 39 per cent of overall revenue for the first six months, up from 27 per cent a year earlier.