Etihad Atheeb narrows losses to SAR 37.4 mln in FY 2021/22; Q4 at SAR 8.2 mln

01/06/2022 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) narrowed its net loss after Zakat and tax to SAR 37.4 million for the fiscal year ended March 31, 2022, from SAR 38.3 million in the year-earlier period.

Financials (M)

Item	2020	2021	Change‬
Revenues	282.10	378.55	34.2 %
Gross Income	141.03	91.84	(34.9 %)
Operating Income	(41.35)	(44.85)	(8.5 %)
Net Income	(38.26)	(37.40)	2.2 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(1.29)	(1.26)	2.2 %

The company cited a decrease in allowances for impairment in trade receivables and fixed assets and a fall in Zakat expenses as reasons for lower losses.

However, cost of services, selling and marketing expenses, general and administrative costs, as well as financial expenses increased.

The telco’s Q4 2021/22 net loss narrowed 94.1% year-on-year (YoY) to SAR 8.2 million.

Sequentially, net loss widened from SAR 7.37 million in Q3 2021/22.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	74.12	120.23	62.2 %
Gross Income	21.88	31.57	44.3 %
Operating Income	(19.83)	(3.70)	81.3 %
Net Income	(140.81)	(8.24)	94.1 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(4.75)	(0.28)	94.1 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	102.51	120.23	17.3 %
Gross Income	25.91	31.57	21.8 %
Operating Income	(6.73)	(3.70)	45.0 %
Net Income	(7.37)	(8.24)	(11.8 %)
Average Shares	29.62	29.62	-
EPS (Riyals)	(0.25)	(0.28)	(11.8 %)

Total shareholders’ equity, excluding minority interest, fell 33.8% YoY to SAR 74 million as of March 31, 2022, from SAR 111.74 million a year ago.

Accumulated losses amounted to SAR 16 million as of March 31, 2022, representing 17.78% of the company's capital.

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