Etihad Etisalat (7020) Q3 2024 earnings summary

Executive summary

• Achieved 8.5% revenue growth for the nine-month period, reaching SAR 13,509 mn, and 43.1% net income growth to SAR 2,127 mn year-over-year.

• Q3-24 revenue rose 9.2% YoY to SAR 4,499 mn, with net income up 58.2% YoY to SAR 829 mn.

• Mobile subscribers increased to 11.7 mn, with FTTH subscribers at 0.283 mn.

Financial highlights

• Q3-24 EBITDA grew 15.4% YoY to SAR 1,846 mn, with EBITDA margin improving to 41.0% from 38.8% YoY.

• CAPEX for Q3-24 was SAR 471 mn, totaling SAR 1,080 mn for 9M-24, with a CAPEX/revenue ratio of 8.0%.

• Net debt reduced by 21.9% YoY to SAR 6,884 mn, with Net Debt/EBITDA at 0.98x, down from 1.35x YoY.

• Financing expenses decreased by 9.2% during the period.

Outlook and guidance

• FY 2024 guidance targets mid- to high-single digit revenue growth, EBITDA margin of 37-38%, Net Debt/EBITDA of 1.1x, and CAPEX/revenue of 14-16%.