Etihad Etisalat Company (Mobily)
The second operator, and the clearest turnaround story in the cohort: it entered the window loss-making at the net line and has rebuilt profitability year after year. Strategic foreign shareholding via the Emirati incumbent means the tax profile is a genuine blend rather than pure zakat.
Overview
What it is. Etihad Etisalat, which trades as Mobily, was founded on 14 December 2004 and listed on Tadawul on 20 December 2004. It launched mobile services on 5 May 2005, ending stc's monopoly in Saudi wireless. It is the second-largest operator in the cohort, at roughly a quarter of stc's revenue. Its headquarters is in Riyadh, and the Emirati incumbent e& holds a strategic shareholding.
What it sells. Mobily reports four segments. Consumer covers mobile voice, mobile internet and fixed home internet — a subscriber base reported at around 14.4 million mobile customers in 2025, of which the large majority is prepaid, plus a much smaller fibre-to-the-home base of roughly 305,000. Business serves government entities, large corporates and SMEs. Wholesale sells connectivity and cloud capacity to other operators. A fourth Other segment carries the remainder.
Where it operates. Saudi Arabia only — there is no international operating footprint. The asset base is domestic infrastructure: a fibre network reported at around 60,000 km reaching more than 35 cities, a materially expanded 5G footprint, submarine cables and tier-certified data centres.
The financial picture
Business & sector context
The second operator by revenue, at SAR 19,642mn in FY2025, or 18.1% of cohort revenue and roughly a quarter of stc's scale. Main Market listing with full IFRS-KSA disclosure. The window captures a genuine turnaround: Mobily reported a net loss of SAR 123mn in FY2018 and a net profit of SAR 3,466mn in FY2025, with net margin moving from −1.0% to 17.6%. Critically, this was not achieved by cutting investment — capital expenditure ran at 16.4% of revenue in FY2025, above both its own FY2018 level of 15.1% and the cohort median of 15.2%.
Mobily is the cohort's compounder: return on invested capital rose from 3.4% in FY2018 to 11.0% in FY2025 while the cost of capital fell from 7.4% to 6.0%, turning a −4.0 point ROIC−WACC spread into a +5.0 point one. The metric that drives the view is cash conversion — operating cash flow of SAR 6,655mn against NOPAT of SAR 3,605mn is 1.85x, the cleanest in the cohort and the opposite of the divergence visible at stc — achieved while debt-to-equity fell from 0.94x to 0.28x.
Value creation
Quality of earnings
Operating cash flow has exceeded NOPAT in every year of the window, and the ratio has been stable rather than flattered by one-offs: 3.65x in FY2018 when NOPAT was depressed, settling to 1.85x in FY2025 as NOPAT caught up. Days sales outstanding improved from 167.8 to 114.2, the only sustained receivables improvement in the cohort and 16.4 days better than the cohort median of 130.6. The one genuine balance-sheet weakness is liquidity: the current ratio of 0.93x is below 1.0 and below the cohort median of 1.28x, meaning current liabilities exceed current assets. That has improved every year from 0.62x in FY2018, and with interest cover at 15.3x it is a structural working-capital-funding choice rather than a solvency signal, but it is the reason this is not a higher-conviction call.
Ratio analysis vs cohort benchmark
| FY2025 | Company | Cohort median | Verdict |
|---|---|---|---|
| Current ratio | 0.9x | 1.3x | worse than cohort -0.4x |
| Quick ratio | 0.9x | 1.3x | worse than cohort -0.3x |
| Debt-to-equity | 28.2% | 28.2% | in line with cohort +0.0pt |
| Interest coverage | 15.3x | 15.3x | in line with cohort +0.0x |
| Days sales outstanding | 114 | 131 | better than cohort -16d |
| Cash conversion cycle | -55 | -55 | in line with cohort +0d |
| Capex % of revenues | 16.4% | 15.2% | better than cohort +1.3pt |
| Gross margin | 54.7% | 54.7% | in line with cohort +0.0pt |
| EBITDA margin | 39.8% | 31.9% | better than cohort +7.9pt |
| EBIT margin | 20.5% | 18.7% | better than cohort +1.8pt |
| Net margin | 17.6% | 17.6% | in line with cohort +0.0pt |
| Return on assets | 8.2% | 8.2% | in line with cohort +0.0pt |
| Return on equity | 17.1% | 17.1% | in line with cohort +0.0pt |
| Return on invested capital | 11.0% | 11.0% | in line with cohort +0.0pt |
| WACC | 6.0% | 6.2% | better than cohort -0.2pt |
| P/E | 14.6x | 14.6x | in line with cohort +0.0x |
| EV/EBITDA | 7.3x | 7.3x | in line with cohort +0.0x |
| Dividend yield | 3.8% | 3.8% | in line with cohort +0.0pt |
Cohort median is the median of stc, Mobily and Zain KSA for FY2025. Etihad Atheeb Telecom (GO, 7040) is excluded on fiscal-year-end grounds, so this is a three-company median and not a full-sector median. Every underlying figure and its formula is shown on the Ratios, ROIC & WACC and Valuation tabs.
Valuation cross-check
Multiple-based. The shares trade on 14.6x trailing earnings and 7.3x EV/EBITDA, against cohort medians of 14.6x and 7.3x respectively.
Intrinsic. Applying the key value driver formula V = NOPATt+1 × (1 − g ÷ ROIC) ÷ (WACC − g) to FY2025 NOPAT of SAR 3,605mn at ROIC 11.0% and WACC 6.0%, then deducting net debt of SAR 6,258mn and dividing by 767,500,000 net shares, gives an implied value of SAR 110.3 per share at a 3% perpetual growth rate — +67% versus the FY2025 share price of SAR 66.00.
| Implied value per share, SAR | g = 2% | g = 3% | g = 4% |
|---|---|---|---|
| WACC 5.0% | 123.9 +88% | n/m | n/m |
| WACC 6.0% | 90.6 +37% | 110.3 +67% | n/m |
| WACC 7.0% | 70.7 +7% | 80.4 +22% | 96.4 +46% |
A perpetuity is highly sensitive when WACC − g is small: a one-point move in WACC changes the implied value materially, which is why the grid is shown rather than a single point estimate. The grid is a sanity check on what the market multiple implies about growth and returns — it is not a valuation opinion and no price objective is expressed or implied.
Catalysts & risks
What would have to happen for the analysis above to move in either direction, with a rough subjective weighting. These are scenarios to test, not forecasts, and no buy, sell or hold recommendation is made on this site.
Bull case
EBIT margin rose from 5.1% to 20.5% across the window while EBITDA margin moved only from 38.2% to 39.8% — almost the entire gain came from depreciation falling as a share of revenue as the FY2018-era asset base matured. Invested capital has been essentially flat since FY2018 (SAR 28.0bn to SAR 32.9bn, +17%) while NOPAT nearly quadrupled.
Debt fell from SAR 13,022mn to SAR 9,420mn while equity rose from SAR 13,869mn to SAR 20,328mn. Payout is 55.5% on a 3.8% yield, leaving headroom that stc does not have.
Bear case
The margin expansion is substantially a depreciation story on a maturing asset base. With capex back at 16.4% of revenue, depreciation should re-accelerate; if EBIT margin gives back the gap between it and EBITDA margin, ROIC falls back toward the cost of capital.
A current ratio of 0.93x leaves no buffer if receivables collection slips or refinancing conditions tighten. SAIBOR-linked debt costs rose to 7.2% in FY2025 from 6.0% in FY2023.
Market, tax and disclosure profile
Market. Tadawul Main Market. Full IFRS-KSA disclosure, quarterly reporting under CMA rules, and Main Market liquidity — so the analysis is not constrained by disclosure depth, and no Nomu illiquidity premium is applied to the cost of equity. Had this been a Nomu Parallel Market listing, the lighter disclosure obligations and thinner free float would require an explicit illiquidity loading in WACC and a wider margin of safety on any recommendation.
Zakat / tax profile. Mobily carries a material strategic foreign shareholding alongside Saudi and GCC holders, so its charge is a genuine zakat/corporate-income-tax blend. The exact ownership split is not yet confirmed on this site; WACC therefore uses the effective reported charge rather than an assumed statutory split.
Share price performance
Performance summary
| 2018–2025 | First close | Last close | Total | Annualised | Max drawdown | Volatility | Best year | Worst year |
|---|---|---|---|---|---|---|---|---|
| stc | 27.27 | 42.98 | +58% | +5.9% | -40% | 21% | 2018 +35% | 2022 -21% |
| Mobily | 16.10 | 66.00 | +310% | +19.3% | -31% | 28% | 2019 +51% | 2018 +3% |
| Zain KSA | 7.34 | 10.43 | +42% | +4.5% | -40% | 29% | 2019 +42% | 2024 -27% |
| TASI | 7,194.15 | 10,490.69 | +46% | +4.8% | -36% | 15% | 2021 +30% | 2025 -13% |
Total and annualised returns are price returns from the first to the last close in the series. Max drawdown is the largest peak-to-trough decline on closing prices. Volatility is the annualised standard deviation of daily returns (252 trading days). Calendar-year returns are measured close-to-close across the year boundary.
Commentary
Over the eight years to 31 December 2025, Mobily was the strongest performer in the cohort, rising +310% from SAR 16.10 to SAR 66.00, an annualised +19.3%. Zain KSA was the weakest at +42% in total, or +4.5% a year. The TASI returned +46% over the same period (+4.8% annualised), so on price alone Mobily and stc outperformed the index.
Drawdowns separate the cohort as sharply as returns do. Mobily fell 31% peak-to-trough at its worst point against 40% for Zain KSA, on annualised volatility of 28% and 29% respectively. The single best calendar year in the cohort was Mobily in 2019 at +51%; the worst was Zain KSA in 2024 at -27%.
These are price series only. They say nothing about whether the underlying businesses earned their cost of capital over the same period — that comparison is on the ROIC & WACC tab, and the two do not line up neatly.
Daily closing prices as recorded in the model workbook, covering 2 January 2018 to 31 December 2025. The rebased chart sets every series to 100 at the first trading day so relative performance is comparable across shares that trade at very different absolute levels; the second chart shows actual closing prices in Saudi Riyals. Prices are not adjusted for dividends, so the rebased lines understate total return — materially so for stc, which paid a dividend in every year of the window, and least so for Zain KSA, which paid none in five of the eight years. No daily move in any series exceeds the ±10% Tadawul limit, so the series contains no unadjusted corporate-action gap. Where shares outstanding changed materially, this is flagged under Data checks below.
Income Statement — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net Revenues | 11,865 | 13,450 | 14,046 | 14,834 | 15,669 | 16,763 | 18,206 | 19,642 |
| Network Access Charges | 1,345 | 1,629 | 1,639 | 1,815 | 1,952 | 2,117 | 2,148 | 2,821 |
| Government Charges | 1,397 | 1,534 | 1,666 | 1,738 | 1,794 | 1,827 | 1,966 | 2,027 |
| Cost of Devices | 719 | 852 | 923 | 1,130 | 1,021 | 1,271 | 1,491 | 1,525 |
| Other Costs of Revenues | 1,821 | 1,635 | 1,667 | 1,480 | 1,538 | 2,098 | 2,545 | 2,333 |
| Salaries & Wages | 0 | 0 | 0 | 0 | 0 | 196 | 163 | 193 |
| Gross Profits | 6,582 | 7,800 | 8,152 | 8,672 | 9,363 | 9,253 | 9,894 | 10,742 |
| Employee Costs & Benefits | 1,383 | 1,395 | 1,373 | 1,320 | 1,379 | 1,258 | 1,318 | 1,565 |
| Marketing & Advertising Expenses | 586 | 546 | 614 | 683 | 714 | 665 | 742 | 841 |
| General & Administrative Expenses | (22) | 795 | 788 | 926 | 963 | 465 | 438 | 648 |
| Other Expenses | 199 | 161 | 38 | 180 | 146 | 272 | 201 | 60 |
| Other Income | (95) | (43) | (11) | (15) | (30) | (30) | (103) | (182) |
| EBITDA | 4,531 | 4,945 | 5,350 | 5,577 | 6,190 | 6,623 | 7,298 | 7,809 |
| Depreciation | 3,575 | 3,618 | 3,620 | 3,561 | 3,485 | 3,286 | 3,302 | 3,301 |
| Amortization | 353 | 362 | 363 | 365 | 366 | 362 | 362 | 480 |
| EBIT | 604 | 966 | 1,367 | 1,651 | 2,340 | 2,975 | 3,634 | 4,029 |
| Interest and Finance Charges | 799 | 792 | 429 | 371 | 475 | 562 | 479 | 511 |
| Interest on Lease Liabilities | 0 | 137 | 132 | 133 | 132 | 128 | 137 | 164 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | (35) | (45) | (21) | (5) | (46) | (164) | (175) | (203) |
| EBT | (160) | 81 | 826 | 1,151 | 1,779 | 2,449 | 3,193 | 3,556 |
| Taxes | 0 | 0 | 0 | 2 | 3 | 2 | 3 | 5 |
| Zakat | (38) | 49 | 43 | 78 | 119 | 216 | 83 | 85 |
| Net Profits | (123) | 31 | 783 | 1,072 | 1,657 | 2,232 | 3,107 | 3,466 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profits | (123) | 31 | 783 | 1,072 | 1,657 | 2,232 | 3,107 | 3,466 |
As reported under IFRS as endorsed in Saudi Arabia.
Common-Size P&L — % of net revenues
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net Revenues | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Network Access Charges | 11.3% | 12.1% | 11.7% | 12.2% | 12.5% | 12.6% | 11.8% | 14.4% |
| Government Charges | 11.8% | 11.4% | 11.9% | 11.7% | 11.4% | 10.9% | 10.8% | 10.3% |
| Cost of Devices | 6.1% | 6.3% | 6.6% | 7.6% | 6.5% | 7.6% | 8.2% | 7.8% |
| Other Costs of Revenues | 15.4% | 12.2% | 11.9% | 10.0% | 9.8% | 12.5% | 14.0% | 11.9% |
| Salaries & Wages | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.9% | 1.0% |
| Gross Profits | 55.5% | 58.0% | 58.0% | 58.5% | 59.8% | 55.2% | 54.3% | 54.7% |
| Employee Costs & Benefits | 11.7% | 10.4% | 9.8% | 8.9% | 8.8% | 7.5% | 7.2% | 8.0% |
| Marketing & Advertising Expenses | 4.9% | 4.1% | 4.4% | 4.6% | 4.6% | 4.0% | 4.1% | 4.3% |
| General & Administrative Expenses | (0.2%) | 5.9% | 5.6% | 6.2% | 6.1% | 2.8% | 2.4% | 3.3% |
| Other Expenses | 1.7% | 1.2% | 0.3% | 1.2% | 0.9% | 1.6% | 1.1% | 0.3% |
| Other Income | (0.8%) | (0.3%) | (0.1%) | (0.1%) | (0.2%) | (0.2%) | (0.6%) | (0.9%) |
| EBITDA | 38.2% | 36.8% | 38.1% | 37.6% | 39.5% | 39.5% | 40.1% | 39.8% |
| Depreciation | 30.1% | 26.9% | 25.8% | 24.0% | 22.2% | 19.6% | 18.1% | 16.8% |
| Amortization | 3.0% | 2.7% | 2.6% | 2.5% | 2.3% | 2.2% | 2.0% | 2.4% |
| EBIT | 5.1% | 7.2% | 9.7% | 11.1% | 14.9% | 17.8% | 20.0% | 20.5% |
| Interest and Finance Charges | 6.7% | 5.9% | 3.1% | 2.5% | 3.0% | 3.4% | 2.6% | 2.6% |
| Interest on Lease Liabilities | 0.0% | 1.0% | 0.9% | 0.9% | 0.8% | 0.8% | 0.8% | 0.8% |
| Others | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Interest Income | (0.3%) | (0.3%) | (0.1%) | (0.0%) | (0.3%) | (1.0%) | (1.0%) | (1.0%) |
| EBT | (1.4%) | 0.6% | 5.9% | 7.8% | 11.4% | 14.6% | 17.5% | 18.1% |
| Taxes | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Zakat | (0.3%) | 0.4% | 0.3% | 0.5% | 0.8% | 1.3% | 0.5% | 0.4% |
| Net Profits | (1.0%) | 0.2% | 5.6% | 7.2% | 10.6% | 13.3% | 17.1% | 17.6% |
| Discontinued Operations | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Profits | (1.0%) | 0.2% | 5.6% | 7.2% | 10.6% | 13.3% | 17.1% | 17.6% |
Every line divided by net revenues of the same year. Formula: line item ÷ row 23 net revenues.
Balance Sheet — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1,033 | 1,252 | 929 | 1,051 | 828 | 1,641 | 1,400 | 3,162 |
| Trade and other receivables | 5,591 | 4,662 | 5,476 | 6,311 | 6,786 | 5,585 | 6,280 | 6,010 |
| Inventory | 302 | 258 | 224 | 178 | 182 | 234 | 298 | 227 |
| Other Current Assets | 178 | 340 | (146) | 545 | 1,921 | 2,114 | 1,518 | 1,029 |
| Total Current Assets | 7,104 | 6,512 | 6,483 | 8,085 | 9,716 | 9,574 | 9,496 | 10,428 |
| Property, plant and equipment | 22,184 | 21,651 | 21,321 | 20,380 | 19,508 | 19,012 | 18,851 | 20,245 |
| Right of Use Assets | 0 | 2,379 | 2,321 | 2,730 | 2,703 | 2,730 | 2,719 | 3,236 |
| Intangible Assets | 7,351 | 7,100 | 6,773 | 6,444 | 6,141 | 5,849 | 5,531 | 6,825 |
| Goodwill | 1,467 | 1,467 | 1,467 | 1,467 | 1,467 | 1,467 | 1,467 | 1,467 |
| Deferred tax Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others | 459 | 107 | 51 | 259 | 235 | 259 | 451 | 253 |
| Total Noncurrent Assets | 31,461 | 32,704 | 31,933 | 31,279 | 30,053 | 29,317 | 29,019 | 32,027 |
| Total Assets | 38,565 | 39,216 | 38,416 | 39,364 | 39,769 | 38,891 | 38,515 | 42,455 |
| Trade and other payables | 3,259 | 2,910 | 2,716 | 2,748 | 2,994 | 1,554 | 1,589 | 1,547 |
| Short-term Loans & Borrowings | 1,034 | 1,157 | 1,349 | 1,858 | 1,538 | 1,611 | 460 | 529 |
| Short-term Leases | 0 | 652 | 769 | 928 | 1,010 | 1,179 | 1,213 | 1,151 |
| Other Current Liabilities | 7,263 | 6,649 | 6,158 | 5,549 | 6,114 | 6,927 | 7,150 | 8,012 |
| Total Current Liabilities | 11,556 | 11,367 | 10,992 | 11,083 | 11,656 | 11,271 | 10,412 | 11,239 |
| Indemnity Provision | 426 | 438 | 485 | 513 | 502 | 554 | 601 | 673 |
| Long-term Loans & Borrowings | 11,988 | 11,228 | 10,134 | 9,624 | 8,310 | 6,700 | 5,725 | 5,196 |
| Long-term Leases | 0 | 1,857 | 1,836 | 2,193 | 2,211 | 2,045 | 2,062 | 2,544 |
| Deferred tax liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-current Liabilities | 725 | 575 | 523 | 755 | 731 | 699 | 840 | 2,476 |
| Total Noncurrent Liabilities | 13,139 | 14,098 | 12,978 | 13,085 | 11,755 | 9,998 | 9,228 | 10,889 |
| Total Liabilities | 24,696 | 25,465 | 23,971 | 24,168 | 23,411 | 21,268 | 19,640 | 22,128 |
| Share capital | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 |
| Reserves | 2,626 | 2,582 | 2,540 | 2,612 | 2,739 | 2,675 | (23) | 54 |
| Retained Earnings | 3,543 | 3,469 | 4,206 | 4,884 | 5,919 | 7,247 | 11,198 | 12,733 |
| Other Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (159) |
| Total Equity | 13,869 | 13,751 | 14,445 | 15,196 | 16,359 | 17,623 | 18,875 | 20,328 |
| Total Liabilities and Equity | 38,565 | 39,216 | 38,416 | 39,364 | 39,769 | 38,891 | 38,515 | 42,455 |
| Match Check | match | match | match | match | match | match | match | match |
Common-Size Balance Sheet — % of total assets
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 2.7% | 3.2% | 2.4% | 2.7% | 2.1% | 4.2% | 3.6% | 7.4% |
| Trade and other receivables | 14.5% | 11.9% | 14.3% | 16.0% | 17.1% | 14.4% | 16.3% | 14.2% |
| Inventory | 0.8% | 0.7% | 0.6% | 0.5% | 0.5% | 0.6% | 0.8% | 0.5% |
| Other Current Assets | 0.5% | 0.9% | (0.4%) | 1.4% | 4.8% | 5.4% | 3.9% | 2.4% |
| Total Current Assets | 18.4% | 16.6% | 16.9% | 20.5% | 24.4% | 24.6% | 24.7% | 24.6% |
| Property, plant and equipment | 57.5% | 55.2% | 55.5% | 51.8% | 49.1% | 48.9% | 48.9% | 47.7% |
| Right of Use Assets | 0.0% | 6.1% | 6.0% | 6.9% | 6.8% | 7.0% | 7.1% | 7.6% |
| Intangible Assets | 19.1% | 18.1% | 17.6% | 16.4% | 15.4% | 15.0% | 14.4% | 16.1% |
| Goodwill | 3.8% | 3.7% | 3.8% | 3.7% | 3.7% | 3.8% | 3.8% | 3.5% |
| Deferred tax Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Others | 1.2% | 0.3% | 0.1% | 0.7% | 0.6% | 0.7% | 1.2% | 0.6% |
| Total Noncurrent Assets | 81.6% | 83.4% | 83.1% | 79.5% | 75.6% | 75.4% | 75.3% | 75.4% |
| Total Assets | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Trade and other payables | 8.5% | 7.4% | 7.1% | 7.0% | 7.5% | 4.0% | 4.1% | 3.6% |
| Short-term Loans & Borrowings | 2.7% | 3.0% | 3.5% | 4.7% | 3.9% | 4.1% | 1.2% | 1.2% |
| Short-term Leases | 0.0% | 1.7% | 2.0% | 2.4% | 2.5% | 3.0% | 3.1% | 2.7% |
| Other Current Liabilities | 18.8% | 17.0% | 16.0% | 14.1% | 15.4% | 17.8% | 18.6% | 18.9% |
| Total Current Liabilities | 30.0% | 29.0% | 28.6% | 28.2% | 29.3% | 29.0% | 27.0% | 26.5% |
| Indemnity Provision | 1.1% | 1.1% | 1.3% | 1.3% | 1.3% | 1.4% | 1.6% | 1.6% |
| Long-term Loans & Borrowings | 31.1% | 28.6% | 26.4% | 24.4% | 20.9% | 17.2% | 14.9% | 12.2% |
| Long-term Leases | 0.0% | 4.7% | 4.8% | 5.6% | 5.6% | 5.3% | 5.4% | 6.0% |
| Deferred tax liability | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Other Non-current Liabilities | 1.9% | 1.5% | 1.4% | 1.9% | 1.8% | 1.8% | 2.2% | 5.8% |
| Total Noncurrent Liabilities | 34.1% | 35.9% | 33.8% | 33.2% | 29.6% | 25.7% | 24.0% | 25.6% |
| Total Liabilities | 64.0% | 64.9% | 62.4% | 61.4% | 58.9% | 54.7% | 51.0% | 52.1% |
| Share capital | 20.0% | 19.6% | 20.0% | 19.6% | 19.4% | 19.8% | 20.0% | 18.1% |
| Reserves | 6.8% | 6.6% | 6.6% | 6.6% | 6.9% | 6.9% | (0.1%) | 0.1% |
| Retained Earnings | 9.2% | 8.8% | 10.9% | 12.4% | 14.9% | 18.6% | 29.1% | 30.0% |
| Other Equity | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | (0.4%) |
| Total Equity | 36.0% | 35.1% | 37.6% | 38.6% | 41.1% | 45.3% | 49.0% | 47.9% |
| Total Liabilities and Equity | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Every line divided by total assets of the same year. Formula: line item ÷ total assets.
Cash Flow Summary — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Beginning Cash Balance | 1,192 | 1,033 | 1,252 | 929 | 1,051 | 828 | 1,641 | 1,400 |
| Net Cash From Operating Activities | 3,492 | 3,509 | 4,170 | 4,729 | 5,684 | 5,752 | 6,337 | 6,655 |
| Net Cash From Investing Activities | (1,766) | (1,892) | (2,866) | (2,916) | (3,406) | (2,017) | (1,956) | (1,488) |
| Net Cash From Financing Activities | (1,886) | (1,398) | (1,626) | (1,692) | (2,501) | (2,922) | (4,622) | (3,404) |
| Ending Cash Balance | 1,033 | 1,252 | 929 | 1,051 | 828 | 1,641 | 1,400 | 3,162 |
Beginning cash, the three activity subtotals, and closing cash. Operating + investing + financing equals the net movement in cash for the year.
Cash Flow Indicators — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash Flow (CF) | 3,492 | 3,509 | 4,170 | 4,729 | 5,684 | 5,752 | 6,337 | 6,655 |
| Free Cash Flow (FCF) | 1,702 | 1,404 | 724 | 2,510 | 3,253 | 3,722 | 3,667 | 3,428 |
| Free Cash Flow to Equity (FCFE) | (184) | 620 | (233) | 1,806 | 1,993 | 2,370 | 1,496 | 2,956 |
| Unlevered Free Cash Flow to Equity (FCFF) | 7,147 | 7,088 | 5,743 | 7,400 | 8,272 | 8,786 | 8,493 | 8,244 |
FCF = operating cash flow − acquisition of PPE. FCFE = FCF + net loan issuance. Unlevered FCF = NOPAT + D&A − capex − change in working capital.
Growth
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| YoY Revenue Growth Rate | 4.5% | 13.4% | 4.4% | 5.6% | 5.6% | 7.0% | 8.6% | 7.9% |
| 5Yr CAGR | — | — | — | 5.5% | 5.7% | 4.5% | 5.3% | 5.8% |
Working Capital Turnover
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Accounts Receivables Turnover | 2.17 | 2.62 | 2.77 | 2.52 | 2.39 | 2.71 | 3.07 | 3.20 |
| Inventory Turnover | 3.71 | 5.82 | 6.81 | 9.04 | 10.87 | 10.19 | 8.08 | 10.74 |
| Accounts Payables Turnover | 0.44 | 0.53 | 0.58 | 0.66 | 0.68 | 0.93 | 1.37 | 1.80 |
Receivables turnover = revenues ÷ trade receivables. Inventory turnover = cost of devices ÷ inventory. Payables turnover = cost of revenues ÷ trade payables.
Cash Conversion Cycle — days
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Days Sales Outstanding | 168 | 139 | 132 | 145 | 153 | 135 | 119 | 114 |
| Days Inventory Outstanding | 98 | 63 | 54 | 40 | 34 | 36 | 45 | 34 |
| Days Payables Outstanding | 824 | 691 | 628 | 550 | 537 | 392 | 268 | 203 |
| Cash Conversion Cycle | (558) | (489) | (442) | (364) | (351) | (221) | (103) | (55) |
DSO = receivables ÷ revenues × days. DIO = inventory ÷ cost of devices × days. DPO = payables ÷ cost of revenues × days. CCC = DSO + DIO − DPO.
Capital Expenditure
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| CapEx % of Revenues | 15.1% | 15.6% | 24.5% | 15.0% | 15.5% | 12.1% | 14.7% | 16.4% |
| Tangibility | 57.5% | 55.2% | 55.5% | 51.8% | 49.1% | 48.9% | 48.9% | 47.7% |
| Capex-to-CF Ratio | 0.51 | 0.60 | 0.83 | 0.47 | 0.43 | 0.35 | 0.42 | 0.48 |
| CF-to-CapEx Ratio | 1.95 | 1.67 | 1.21 | 2.13 | 2.34 | 2.83 | 2.37 | 2.06 |
Liquidity
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.61 | 0.57 | 0.59 | 0.73 | 0.83 | 0.85 | 0.91 | 0.93 |
| Quick Ratio | 0.59 | 0.55 | 0.57 | 0.71 | 0.82 | 0.83 | 0.88 | 0.91 |
| Cash ratio | 0.09 | 0.11 | 0.08 | 0.09 | 0.07 | 0.15 | 0.13 | 0.28 |
| Operating Cash Flow Ratio | 0.30 | 0.31 | 0.38 | 0.43 | 0.49 | 0.51 | 0.61 | 0.59 |
Current ratio = current assets ÷ current liabilities. Quick ratio excludes inventory. Cash ratio = cash ÷ current liabilities. OCF ratio = operating cash flow ÷ current liabilities.
Solvency & Capital Structure
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debt ratio | 48.4% | 47.4% | 44.3% | 43.0% | 37.6% | 32.0% | 24.7% | 22.0% |
| Debt-to-equity ratio | 0.94 | 0.90 | 0.79 | 0.76 | 0.60 | 0.47 | 0.33 | 0.28 |
| Interest coverage ratio | 5.67 | 6.24 | 12.47 | 15.02 | 13.02 | 11.78 | 15.25 | 15.29 |
| Fixed Charge Coverage Ratio | 5.67 | 24.29 | (19.48) | (20.73) | (44.56) | (37.83) | (31.58) | (17.86) |
Debt ratio = interest-bearing debt ÷ total assets. D/E = interest-bearing debt ÷ total equity. Interest coverage = EBIT ÷ interest expense.
Efficiency
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Goodwill to Assets Ratio | 3.8% | 3.7% | 3.8% | 3.7% | 3.7% | 3.8% | 3.8% | 3.5% |
| Revenues per FTE | 3,439,105 | 4,203,117 | 4,531,022 | 5,186,733 | 4,898,067 | 5,172,071 | 5,542,297 | 5,615,124 |
Fixed asset turnover = revenues ÷ net PPE. Total asset turnover = revenues ÷ total assets. Revenues per FTE = revenues ÷ year-end headcount. Rows absent from a given sheet are omitted rather than estimated.
Profit Margins
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Gross Profits | 55.5% | 58.0% | 58.0% | 58.5% | 59.8% | 55.2% | 54.3% | 54.7% |
| EBITDA | 38.2% | 36.8% | 38.1% | 37.6% | 39.5% | 39.5% | 40.1% | 39.8% |
| EBIT | 5.1% | 7.2% | 9.7% | 11.1% | 14.9% | 17.8% | 20.0% | 20.5% |
| NOPAT | 8.1% | 5.3% | 7.6% | 9.5% | 13.4% | 15.6% | 18.1% | 18.4% |
| EBT | (1.4%) | 0.6% | 5.9% | 7.8% | 11.4% | 14.6% | 17.5% | 18.1% |
| Net Profits | (1.0%) | 0.2% | 5.6% | 7.2% | 10.6% | 13.3% | 17.1% | 17.6% |
Returns
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Return on Assets | (0.3%) | 0.1% | 2.0% | 2.7% | 4.2% | 5.7% | 8.1% | 8.2% |
| Return on Equity | (0.9%) | 0.2% | 5.4% | 7.1% | 10.1% | 12.7% | 16.5% | 17.1% |
ROA = net profits ÷ total assets. ROE = net profits ÷ total equity (DuPont: net margin × asset turnover × equity multiplier).
Return on Invested Capital — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| NOPAT | 957 | 714 | 1,061 | 1,403 | 2,101 | 2,617 | 3,304 | 3,605 |
| Invested Capital | 28,043 | 29,658 | 29,542 | 31,067 | 30,661 | 30,410 | 29,776 | 32,897 |
| ROIC | 3.4% | 2.4% | 3.6% | 4.5% | 6.9% | 8.6% | 11.1% | 11.0% |
NOPAT = EBIT + amortisation of acquired intangibles − operating lease payments − cash taxes. Invested capital = net working capital + net PPE + acquired intangibles + other long-term assets, and reconciles to the financing-method total of debt + other long-term liabilities + equity. ROIC = NOPAT ÷ invested capital.
Cost of Capital
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cost of Debt | 6.1% | 6.2% | 4.0% | 3.5% | 4.6% | 6.0% | 6.5% | 7.2% |
| After Tax Cost of Debt | 6.1% | 6.2% | 4.0% | 3.5% | 4.6% | 6.0% | 6.5% | 7.2% |
| Cost of Equity | 8.7% | 7.2% | 7.0% | 4.5% | 7.7% | 6.6% | 6.1% | 5.7% |
| Weighted Average Cost of Capital (WACC) | 7.4% | 6.8% | 5.8% | 4.1% | 6.7% | 6.4% | 6.1% | 6.0% |
Cost of debt = interest expense ÷ interest-bearing debt; the after-tax figure applies the effective tax and zakat charge actually reported, not an assumed statutory shield. Cost of equity = Saudi sukuk risk-free rate + beta × equity risk premium + country risk premium. WACC weights the two by market value of equity and debt.
Market Value — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Share Price | 16.580 | 25.000 | 28.650 | 31.150 | 34.750 | 49.050 | 53.400 | 66.000 |
| Number of Shares Outstanding | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 |
| Market Value | 12,767 | 19,250 | 22,060 | 23,986 | 26,758 | 37,768 | 41,118 | 50,820 |
Enterprise Value — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash | 1,033 | 1,252 | 929 | 1,051 | 828 | 1,641 | 1,400 | 3,162 |
| Debt | 13,022 | 14,894 | 14,089 | 14,602 | 13,069 | 11,534 | 9,460 | 9,420 |
| Enterprise Value | 24,755 | 32,892 | 35,220 | 37,537 | 38,999 | 47,661 | 49,178 | 57,078 |
EV = market value of equity + interest-bearing debt − cash.
Per-Share Performance
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Earnings per Share | (0.159) | 0.040 | 1.017 | 1.392 | 2.152 | 2.899 | 4.035 | 4.517 |
| Sales per Share | 15.409 | 17.467 | 18.242 | 19.265 | 20.349 | 21.770 | 23.645 | 25.592 |
| Cash Flow per Share | 4.536 | 4.557 | 5.415 | 6.142 | 7.382 | 7.470 | 8.230 | 8.671 |
| Book Value per Share | 18.012 | 17.859 | 18.760 | 19.735 | 21.245 | 22.887 | 24.514 | 26.485 |
EPS = net profits ÷ net shares. BVPS = total equity ÷ net shares.
Price Multiples
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | (104.08) | 617.32 | 28.17 | 22.38 | 16.15 | 16.92 | 13.23 | 14.61 |
| P/S Ratio | 1.08 | 1.43 | 1.57 | 1.62 | 1.71 | 2.25 | 2.26 | 2.58 |
| P/CF Ratio | 3.66 | 5.49 | 5.29 | 5.07 | 4.71 | 6.57 | 6.49 | 7.61 |
| P/B Ratio | 0.92 | 1.40 | 1.53 | 1.58 | 1.64 | 2.14 | 2.18 | 2.49 |
Enterprise Value Multiples
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| EV/Revenues | 2.09 | 2.45 | 2.51 | 2.53 | 2.49 | 2.84 | 2.70 | 2.91 |
| EV/EBITDA | 5.46 | 6.65 | 6.58 | 6.73 | 6.30 | 7.20 | 6.74 | 7.31 |
| EV/Book Value | 1.78 | 2.39 | 2.44 | 2.47 | 2.38 | 2.70 | 2.61 | 2.81 |
Share Capital — number of shares
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Issued & Fully Paid | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 |
| Treasury Shares | — | — | — | — | — | — | — | (2,500,000) |
| Net Shares | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 770,000,000 | 767,500,000 |
Share Capital — Saudi Riyals — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Issued & Fully Paid [p= SAR10] | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 |
| Treasury Shares | — | — | — | — | — | — | — | (159) |
| Net Shares | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,700 | 7,541 |
Dividends — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Dividends Declared | — | — | — | 385 | 654 | 886 | 1,810 | 1,925 |
| Dividends Paid | — | — | — | 378 | 640 | 852 | 1,763 | 1,876 |
| Dividends Received | — | — | — | — | — | — | 38 | 52 |
Dividend Ratios
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Dividends per Share | 0.000 | 0.000 | 0.000 | 0.500 | 0.850 | 1.150 | 2.350 | 2.508 |
| Dividends Payout Ratio | 0.0% | 0.0% | 0.0% | 35.9% | 39.5% | 39.7% | 58.2% | 55.5% |
| Dividends Coverage Ratio | 0.000 | 0.000 | 0.000 | 2.783 | 2.532 | 2.521 | 1.717 | 1.801 |
| Dividends Yield | 0.0% | 0.0% | 0.0% | 1.6% | 2.4% | 2.3% | 4.4% | 3.8% |
Payout = dividends declared ÷ net profits. Coverage = net profits ÷ dividends declared. Yield = dividends per share ÷ share price.
Audit & Headcount — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| External Auditor | KPMG | KPMG | KPMG | KPMG | KPMG | EY | EY | EY |
| Audit Fees | — | — | — | — | — | — | — | — |
| Number of Employees | 3,450 | 3,200 | 3,100 | 2,860 | 3,199 | 3,241 | 3,285 | 3,498 |
Audit fees disclosed only where the company reports them. Headcount is the year-end figure per the annual report; blank years are not disclosed at this granularity.
Not yet populated. This tab will carry the shareholder register (major holders, free float, PIF / strategic foreign stakes), the resulting zakat-versus-corporate-income-tax split, and board composition. Until the ownership split is confirmed from the issuer's disclosures, the tax profile shown elsewhere on this site is flagged as unconfirmed rather than estimated.