Etihad Etisalat (7020) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue, EBITDA, and net profit in over a decade, driven by robust performance across all business segments.

• Revenue grew 8.6% year-over-year to SAR 18.2 bn, with net income up 39.2% to SAR 3.1 bn for 2024.

• Customer base expanded to 12.3 mn mobile subscribers and 0.285 mn FTTH subscribers.

• Recognized for sustainability with an upgrade to AA in the MSCI ESG index, the first telecom in MENA to achieve this.

Financial highlights

• EBITDA rose 8.6% year-over-year to SAR 7.2 bn, maintaining a stable margin of 39.5%.

• Net income increased 39.2% year-over-year to SAR 3,107 mn.

• CAPEX reached SAR 2,578 mn, up 11.2% year-over-year, with a CAPEX/revenue ratio of 14.2%.

• Net debt reduced by 19.2% to SAR 6,409 mn, with net debt/EBITDA improving to 0.89x.

• EBITDA less CAPEX increased 7.2% year-over-year to SAR 4,617 mn.

Outlook and guidance

• 2025 guidance targets mid- to high-single digit revenue growth, EBITDA margin of 37-38%, net debt/EBITDA of 1.0x, and CAPEX/revenue of 16-18%.

• Plans to continue digital transformation, infrastructure investment, and support for Saudi Vision 2030.