Etihad Atheeb shares resume trading on Tadawul today

Etihad Atheeb Telecom Co.'s logo

Etihad Atheeb Telecom Co.’s (GO) shares resumed trading on the Saudi Stock Exchange (Tadawul), today, Feb. 14, 2021, after the company published its audited financial statements and audit report for the nine-month period ended Dec. 31, 2020.

GO’s shares were suspended since July 1, 2018, for not disclosing financial results for the fiscal year ended March 31, 2018. The trading halt continued until the company announced the results of the external auditor’s review.

The stock’s closing price in the last trading session, on June 28, 2018, was SAR 11.06.

Last Thursday, the company announced that accumulated losses decreased to 0% of the capital as of Dec. 31, 2020.

The primary reasons behind the loss amortization are generating other income from the settlement with the main vendor, generating financing income from discounting of long-term trade payables, as well as the decrease in the operating expenses and cost of services.

The company reported a net profit after Zakat and tax of SAR 102.6 million in the nine-month period ended Dec. 31, 2020, from a loss of SAR 62.5 million in the same period in 2019. The telecom operator saw a net profit of SAR 126.85 million in Q3 2020/2021.