Etihad Atheeb Telecommunication Co. (GO) widened net losses after zakat and tax by 29.5% year-on-year (YoY) to SAR 62.5 million in the nine-month period ending on Dec. 31, 2019, on lower revenue and other income.
In addition, higher depreciation expenses and financing charges also weighed on the results.
| Item | 9m 2018 | 9m 2019 | Change |
|---|---|---|---|
| Revenues | 317.39 | 261.22 | (17.7 %) |
| Gross Income | 103.35 | 132.81 | 28.5 % |
| Operating Income | (70.31) | (49.39) | 29.7 % |
| Net Income | (48.25) | (62.49) | (29.5 %) |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | (1.63) | (2.11) | (29.5 %) |
In the third quarter, the telecom operator cut net losses after zakat and tax by 23% YoY to SAR 9.8 million, thanks to a decline in the cost of services, as well as selling and marketing expenses.
When compared to the previous quarter, net losses shrank by 53%.
| Item | Q3 2018 | Q3 2019 | Change |
|---|---|---|---|
| Revenues | 103.92 | 77.28 | (25.6 %) |
| Gross Income | 40.24 | 50.91 | 26.5 % |
| Operating Income | (12.38) | (4.84) | 60.9 % |
| Net Income | (12.71) | (9.80) | 22.9 % |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | (0.43) | (0.33) | 22.9 % |
| Item | Q2 2019 | Q3 2019 | Change |
|---|---|---|---|
| Revenues | 86.84 | 77.28 | (11.0 %) |
| Gross Income | 42.23 | 50.91 | 20.6 % |
| Operating Income | (18.60) | (4.84) | 74.0 % |
| Net Income | (20.83) | (9.80) | 52.9 % |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | (0.70) | (0.33) | 52.9 % |
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