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A record year for Mobily: Telecoms group Etihad Etisalat Co (Mobily)’s net income rose 34.7% y-o-y in 2023 to SAR 2.2 bn, recording its highest annual bottomline in the past decade, it said in its earnings release (pdf) yesterday. Its revenues were up 6.7% to SAR 16.8 bn to mark its highest annual topline over the past ten years, it added.
Fueling the growth: The growth in net income was driven by higher revenues, EBITDA and cost efficiency, it said. Revenues rose on the back of a growth across all revenue streams for its segments and an increase in subscriber base to 11.8 mn, it said.
Highlights of 2023: The year saw Mobily launching its new five-year strategy to pick pace with the Kingdom’s digital transformation efforts. It also expanded its deployment of 5G services, providing a coverage of 84% in seven cities across the Kingdom, it said.
BANAN REAL ESTATE-
Nomu-listed Banan Real Estate’s net income grew c. 2% y-o-y in 2023 to SAR 28.8 mn, it said in a disclosure to Tadawul yesterday. Its revenues were up 11.3% y-o-y in the period to c. SAR 66 mn.
Main drivers: The uptick in net income came on the back of higher revenues and income from joint projects, it said. Its revenues rose on the back of an increase in revenues from rental activities and the sale of lands.
