Page 32 - SAMENA Trends - January-February 2023

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Mobily Records a 54.6% Increase in Net Profit in

2022

Saudi Arabian mobile network operator (MNO) Etihad Etisalat
(Mobily) has published its financial results for the twelve months
ended 31 December 2022, reporting a 5.63% year-on-year increase in
revenues to SAR15.669 billion (USD4.2 billion), up from SAR14.834
billion in 2021. The company claims that the positive result was
driven by the growth of all revenue streams, coupled with a ‘healthy
growth’ in its overall subscription base. Further, EBITDA increased
to SAR6.161 billion in 2022, up by 10.4% y-o-y, while interest and
financial charges grew 20.2% y-o-y to SAR607 million in the period
under review, reflecting the increase in interest rates. Net profit,
meanwhile, improved by 54.57% y-o-y from SAR1.072 billion to
SAR1.657 billion in 2022. CAPEX for 2022 amounted to SAR2.093
billion, flat when compared to the previous year (SAR2.092 billion).

Mobily Expands Mobily Pay in Partnership with Ericsson

Mobily has launched Mobily Pay in Digital services and Financial capabilities services for its consumers, anytime,
partnership with Ericsson providing supported by smooth operations and anywhere. The launch of Mobily Pay will
contactless payments, money transfers, maintenance with managed services for enhance the kingdom’s move towards
international remittance, digital card the fintech solution. Ekow Nelson, Vice digital transformation.” At present, more
payments, cash-back, bill payments President at Ericsson Middle East and than 342 million people worldwide currently
and mobile top-up. Mobily made the Africa says: “This is a step-change in the use Ericsson Wallet Platform solutions
announcement at Leap23, the international evolution of the Ericsson Wallet Platform delivered by communications service
technical conference in Riyadh from that enhances Mobily Pay’s contribution providers and processes over 2.6 billion
February 6 to 9, of which it is the leading to the introduction of innovative financial transactions every month.
digital partner. As per the agreement
signed last year between Mobily and
Ericsson, Mobily Pay is built on the Ericsson
Wallet Platform, a fintech platform that
provides secure, simple, functional,
and relevant financial management by
delivering easy-to-use financial services
to Mobily’s customers. Ayman Abdullah
AlEissa, Chief Executive Officer at Mobily
Pay says: “Mobily Pay is live and we have
already witnessed its fast adoption in
the Saudi market. It will improve the lives
of Mobily Pay users by making financial
services personalized, quick, secure, and
easy for everyone. Deploying the Ericsson
Wallet Platform solution, Mobily is actively
contributing to the Digital Transformation
Vision in line with Saudi Vision 2030 by
advancing from cash to a cashless digital
transaction’s society.” As part of this
partnership, Ericsson will also evolve and
enhance the Mobily Pay platform with
futuristic roadmap leading to a full-service

32 JANUARY-FEBRUARY 2023