Financial Results : Etihad Atheeb cuts net loss by 46.6% to SAR 38.3 mln in FY2020/21

Etihad Atheeb cuts net loss by 46.6% to SAR 38.3 mln in FY2020/21

29/06/2021 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) narrowed net losses after Zakat and tax by 46.6% to SAR 38.3 million for the fiscal year ended March 31, 2021, compared to SAR 71.6 million in the previous year.

 

The decrease in net loss was attributed to lower cost of services, higher other income, along with a decrease in depreciation and amortization expenses, allowance for impairment in trade receivables, as well as general and administrative expenses.



Financials (M)

Item 2019 2020 Change‬
Revenues 339.60 282.10 (16.9 %)
Gross Income 187.62 141.03 (24.8 %)
Operating Income (53.85) (41.35) 23.2 %
Net Income (71.61) (38.26) 46.6 %
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (2.42) (1.29) 46.6 %

In the fourth quarter, the telecom operator widened net losses to SAR 140.8 million, from SAR 9.12 million in the year-ago period.

 

Accumulated losses stood at SAR 116.79 million as of March 31, 2021, representing 51.10% of the company’s share capital.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 78.39 74.12 (5.4 %)
Gross Income 54.81 21.88 (60.1 %)
Operating Income (4.46) (19.83) (344.5 %)
Net Income (9.12) (140.81) (1,444.1 %)
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (0.31) (4.75) (1,444.1 %)

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