Etihad Atheeb Telecommunication Co. (GO) swung to a net profit of SAR 42.5 million in the fiscal year ended on March 31, 2023, against a net loss of SAR 37.4 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 378.55 | 630.34 | 66.5 % |
| Gross Income | 91.84 | 182.69 | 98.9 % |
| Operating Income | (44.85) | 43.43 | 196.8 % |
| Net Income | (37.40) | 42.47 | 213.6 % |
| Average Shares | 29.62 | 29.62 | 0.0 % |
| EPS (Riyals) | (1.26) | 1.43 | 213.6 % |
The positive results were driven by higher sales and lower losses from impairment of trade receivables, along with a decline in general and administrative expenses, and finance charges. Zakat and income tax expenses also edged lower.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 120.23 | 177.82 | 47.9 % |
| Gross Income | 31.57 | 56.28 | 78.3 % |
| Operating Income | (3.70) | 23.97 | 747.7 % |
| Net Income | (8.24) | 29.51 | 458.1 % |
| Average Shares | 29.62 | 29.62 | 0.0 % |
| EPS (Riyals) | (0.28) | 1.00 | 458.1 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 164.02 | 177.82 | 8.4 % |
| Gross Income | 45.75 | 56.28 | 23.0 % |
| Operating Income | 10.48 | 23.97 | 128.8 % |
| Net Income | 8.00 | 29.51 | 269.1 % |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | 0.27 | 1.00 | 269.1 % |
This came despite higher costs of revenues, selling and marketing expenses, in addition to lower other income.
The telco turned to a net profit of SAR 29.5 million in Q4 2022/23, against a net loss of SAR 8.24 million a year earlier.
On a quarterly basis, the telecom operator reported an over threefold increase in net profit from SAR 8 million in Q3 2022/23.
Shareholders' equity, no minority interest, came in at SAR 116.1 million by the end of the 12-month period, compared to SAR 74 million a year earlier.
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