Etihad Atheeb narrows losses to SAR 24.3 mln in H1 2020/21

09/11/2020 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO narrowed its net loss after Zakat and tax to SAR 24.3 million in the six-month period ended Sept. 30, 2020, from SAR 52.7 million in the same period last year.

The company attributed the decline in losses to lower cost of services, selling and marketing expenses, depreciation & amortization expenses, allowance for impairment in trade receivables, general & administrative expenses, and decrease in financial charges.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	183.93	140.80	(23.5 %)
Gross Income	81.91	80.41	(1.8 %)
Operating Income	(44.55)	(17.54)	60.6 %
Net Income	(52.69)	(24.30)	53.9 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(1.78)	(0.82)	53.9 %

The company narrowed its losses to SAR 12 million in Q2 2020/21 from a loss of SAR 20.8 million in the same quarter a year earlier.

On sequential basis, Atheeb slightly cut its losses in Q2 2020/21.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	86.84	67.77	(22.0 %)
Gross Income	42.23	40.54	(4.0 %)
Operating Income	(18.60)	(8.87)	52.3 %
Net Income	(20.83)	(12.03)	42.2 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(0.70)	(0.41)	42.2 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	73.03	67.77	(7.2 %)
Gross Income	39.87	40.54	1.7 %
Operating Income	(8.67)	(8.87)	(2.4 %)
Net Income	(12.27)	(12.03)	1.9 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(0.41)	(0.41)	1.9 %

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