CEO’S MESSAGE

Ambitious strategic progress led to record-breaking financial and operational results across our business segments and markets in 2024. Revenue reached % 18.2 billion, reflecting an 8.6% increase compared to % 16.8 billion in 2023. EBITDA grew by 8.6% from % 6.6 billion, contributing to a record net profit of % 3.1 billion – a significant 39.2% increase from % 2.2 billion in the previous year. Additionally, we achieved an all-time low net debt-to-EBITDA ratio 0.89x, improving from 1.20x in 2023, highlighting Mobily’s ongoing commitment to financial discipline and operational efficiency.

Capturing the Consumer Market

This year marked a pivotal period for the Consumer Unit as it benefited from Mobily’s expanded 5G Fixed Wireless Access and Fiber-To-TheHome services, driving revenue growth and enhancing customer satisfaction. The Company’s investments in its advanced 5G network continued to accelerate, with the addition of 807 new sites giving a total of more than 6,600 sites across 61 cities. This expansion enabled Mobily to achieve over 87% 5G coverage across the Kingdom’s 7 main cities, while extending high-speed 5G connectivity to 264 new outdoor areas. Key highlights included the exceptional performance during the 2024 Hajj season, where 5G coverage was increased by 300%, leading to a 400% surge in 5G data traffic and significant growth in voice and international calls.

The Unit prioritized customer-centric strategies, expanding its customer base through competitive pricing and superior service offerings. This included a strategic focus on expanding high-value postpaid customers, which led to growth in the subscriber base. Mobily also launched a revamped Mobily Gamers platform and tailored gaming packages, resulting in a remarkable 119% increase in gaming subscriptions compared to the previous year. The transformative migration to NewStack technology further streamlined operations and improved service delivery, cementing our reputation for innovation.

In 2024, Mobily Pay demonstrated exceptional growth, with financial transactions increasing by an impressive 154% year-over-year. The launch of Marketplace further enhanced its offerings, providing customers with an easy platform to purchase digital vouchers at highly competitive prices. We also established several strategic partnerships to elevate the platform’s services, improve customer experience and address the unique needs of small and medium-sized enterprises (SMEs). These efforts significantly advanced Mobily Pay’s market share and value proposition, culminating in a 70% expansion of its total customer base compared to 2023.

Fueling the Kingdom’s Economic Growth

Mobily’s Business Unit achieved exceptional results this year, becoming a key driver of our overall growth and transformation. The Unit delivered a double-digit increase in revenue by 20%, driven by strategic expansions in data centers and the scaling of cutting-edge technologies. Earnings were fueled by strategic expansions in data centers, the adoption of advanced technologies and strong contributions from core and digital services across government, enterprise and SME segments.

Our active participation in giga projects such as NEOM, Red Sea and Qiddiya strengthened our credibility and highlighted our commitment to advancing Saudi Arabia’s digital transformation. By investing in cutting-edge infrastructure, innovative Internet of Things (IoT) applications and data center development, the Business Unit played a critical role in enabling smart city initiatives, public safety solutions and connectivity advancements. These efforts reflect Mobily’s dedication to driving operational efficiency and supporting the Kingdom’s Vision 2030 objectives.

The Unit prioritized supporting SMEs, a vital growth area in Saudi Arabia’s economy. Offering quick, off-the-shelf solutions such as mobile packages, cloud services and digital tools, Mobily reinforced its position as a trusted partner in the SME sector. Robust connectivity, IoT solutions, secure data center services and scalable cloud offerings enabled SMEs to optimize operations, enhance customer engagement and adapt to market demands. By leveraging synergies with its government-focused solutions and advancing SME digitalization, Mobily drove significant growth in this segment, empowering businesses and fostering innovation.

Scaling and Investing in Infrastructure

The Wholesale Unit demonstrated leadership and growth, earning Mobily recognition as the best wholesale company in the Middle East. This year, the Unit forged landmark agreements, such as the signing of a 6-year agreement to onboard Red Bull Mobile as a mobile virtual network operator (MVNO), reinforcing Mobily’s position as a leader in enabling innovative partnerships and expanding its market presence. Mobily also launched 2 major services, Application-toPerson Services to enhance customer experience and the International Direct Dialing Hub and Carrier Hub services, further strengthening its leadership in international direct dialing.

We have strategically scaled our investments in infrastructure, including submarine cables and the addition of 2 new data centers in Riyadh and Jeddah, to meet the growing data demands. The Unit’s efforts to link the Kingdom’s Red Sea and Gulf cables via a terrestrial cable, with the Red Sea submarine cables set to launch by 2026, further enhance our connectivity capabilities.

These investments have been pivotal in capturing new revenue streams, improving customer experience and enhancing accessibility of our offerings in line with our sustainability goals. This is evidenced by our success during the Hajj season, as well as in winning 70% of government subsidies for rural telecommunication infrastructure, covering over 1,300 previously underserved sites. By expanding our network and enhancing service reliability, the Wholesale Unit is poised to unlock significant growth in both business and customer domains.

Advancing Technology and Innovation

Mobily delivered key milestones in technology and innovation throughout the year, cementing our position as a leader in the telecommunications and digital sectors. We continued to harness emerging technologies, including artificial intelligence (AI), IoT and edge computing, to develop innovative solutions that address diverse customer and industry needs. Notably, we obtained a 15-year license for the 120 MHz frequency spectrum, which will help us to meet the growing demand for high-speed data use for retail and business customers. We also deployed digital twin technology to optimize network operations, improving efficiency and reliability.

In 2024, we launched a transformative AI strategy, positioning AI as a critical enabler of our 4 strategic pillars. The strategy focuses on leveraging AI in 3 key areas: enhancing internal efficiencies to streamline operations and boost customer satisfaction, utilizing AI to elevate customer experience through tailored offerings, and upgrading infrastructure to support Kingdom-based solutions that expand business-to-government and B2B capabilities. Supported by strategic programs and partnerships with leading international AI players, Mobily is building a robust AI framework designed to enhance network reliability, drive operational excellence and fuel revenue growth.

This year, we established several strategic technology partnerships that significantly advanced our offerings and aligned with our commitment to innovation. Our collaboration with Tencent Cloud led to the launch of an enterprise cloud platform, enhancing Saudi Arabia’s position as a global business hub. The partnership with Ericsson extended our managed services agreement, integrating AI and automation into our network operations. Our alliance with hyperscalers like Amazon Web Services (AWS) aimed at advancing cloud computing services enables it to deliver secure, scalable and efficient cloud solutions to meet the growing demands of various sectors. Additionally, the partnership with Tech Mahindra was instrumental in enhancing our loyalty programs through advanced AI solutions.

These collaborations reflect Mobily’s dedication to leveraging cutting-edge technologies and global expertise to deliver superior services and drive digital transformation in line with Vision 2030.

Elevating Customer Care and Experience

Mobily made significant advancements in customer care and experience, delivering improvements across key metrics and elevating satisfaction levels for our Stakeholders. Enhancements to customer journey processes were central to Mobily’s success, with improvements made to billing, onboarding and complaint resolution pathways, ensuring more intuitive and seamless experiences. Proactive response management improved significantly, with a 40% increase in the detection of customer experience incidents and a 32% increase in incident resolution. Our commitment to customer experience best practices also earned us ISO certification for complaint management in 2024.

Investments in digital transformation further enhanced operational efficiency and customer engagement, with upgraded chatbots and selfservice platforms providing faster, more effective support. Our Neqaty rewards program continued to expand through new partnerships with the Kingdom’s preferred brands. By aligning our strategies with customer needs, Mobily has set new benchmarks for customer care in the telecommunications sector, reinforcing our leadership and commitment to excellence.

Prioritizing our People

At Mobily, we recognize that our people are at the heart of our success, and we remain committed to fostering a value-driven culture that empowers our teams and supports their growth. This year, we launched the HighPotential Development Program, a key initiative to identify and nurture the talents of our employees, equipping them with the skills to excel in a rapidly evolving industry. Complementing this effort, we developed a comprehensive, 3-layered training platform offering access to over 120,000 courses, ensuring continuous learning opportunities for all employees.

To enhance operational efficiency and employee satisfaction, we automated several human resource processes, streamlining workflows and improving the management of pay review cycles, including performance bonuses and merit increases. These initiatives reflect our ongoing commitment to creating a supportive and engaging workplace, a commitment recognized by the Great Place to Work 2024 Certificate. This prestigious accolade highlights the trust, positive experience and inclusivity we strive to embed across Mobily, reinforcing our dedication to building a thriving organizational culture.

Recognition of our Achievements

Throughout the year, we were proud to receive several prestigious awards that highlight our commitment to innovation, exceptional customer service and digital transformation. Notably, Mobily was recognized as the fastest growing telecommunications brand in the Middle East by Brand Finance. Our brand value has increased by a staggering 151% since 2019, reaching its highest brand strength this year at +AA. We were also honored with the Best Investor Relations Telecom Company award in the Kingdom by the Global Business Outlook Awards, a recognition of our dedication to transparency and strong Stakeholder relations.

Mobily received numerous accolades for its outstanding customer experience, including the Communications, Space and Technology Commission’s Best Customer Experience Award for the third year in a row. Our technological advancements also earned us the Best Innovation in the Middle East and Africa award and a top 5 global ranking at the Gartner Eye on Innovation Awards for our groundbreaking IoT solutions. Additionally, we received the Best Infrastructure and Service Innovation in FTTH award from the SAMENA Telecommunications Council, recognizing our leadership in enhancing fixed broadband infrastructure.

Driving Sustainable Growth in 2025

Mobily will continue to execute our strategy to become the TMT company of the future, transforming the lives of our customers and communities through innovative products and services. In 2025, we will build on our momentum by increasing our B2B growth and partnerships with giga projects, expanding our data center portfolio and enhancing partnerships with hyperscalers. These efforts will support the growth of our customer base and elevate the value and quality of the services we offer.

We are also focused on driving growth through the expansion of our submarine and terrestrial cable network, improving the customer experience journey and delivering innovative IoT solutions. Additionally, our commitment to community investments, employee well-being, and access to communications will remain central to our strategy. Collectively, these initiatives will enable us to expand Mobily’s market share and strengthen our leadership in the Kingdom, aligning with our vision for the future.

Acknowledgements

As we reflect on 2024, I would like to extend my sincere gratitude to our Board of Directors for their visionary guidance, which has been pivotal in achieving another year of exceptional growth and success. I also commend our Executive Management team for their outstanding execution of Mobily’s strategy, ensuring our continued progress and innovation.

To our employees, thank you for your dedication, professionalism and tireless efforts. Your excellence has been the foundation of our achievements, allowing us to surpass milestones and move forward with confidence. As we look forward to 2025, we remain committed to delivering exceptional value to our customers and Stakeholders while continuing to lead the Kingdom’s digital future.