Etihad Atheeb posts SAR 102.6 mln profit in 9M FY2020/21

10/02/2021 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) turned to a net profit after Zakat and tax of SAR 102.6 million in the nine-month period ending on Dec. 31, 2020, backed by a rise in other income and financing income. The telecom operator also reported a decrease in depreciation and amortization costs, as well as general and administrative expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	261.22	207.98	(20.4 %)
Gross Income	132.81	119.15	(10.3 %)
Operating Income	(49.39)	(21.53)	56.4 %
Net Income	(62.49)	102.55	264.1 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(2.11)	3.46	264.1 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	77.28	67.18	(13.1 %)
Gross Income	50.91	38.73	(23.9 %)
Operating Income	(4.84)	(3.99)	17.7 %
Net Income	(9.80)	126.85	1394.2 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(0.33)	4.28	1394.2 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	67.77	67.18	(0.9 %)
Gross Income	40.54	38.73	(4.5 %)
Operating Income	(8.87)	(3.99)	55.1 %
Net Income	(12.03)	126.85	1154.3 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(0.41)	4.28	1154.3 %

Go swung to a net profit of SAR 126.9 million in the third quarter, against a net loss of SAR 9.80 million a year earlier. The positive results were driven by an increase in other income and financing income. The telecom operator also reported a decrease in depreciation and amortization costs, as well as general and administrative expenses.

The telecom operator turned profitable from a net loss of SAR 12.03 million in the previous quarter.

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