Etihad Atheeb narrows losses to SAR 21.8 mln in H1 2021/22

09/11/2021 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) narrowed its net loss after Zakat and tax to SAR 21.8 million in the six-month period ended Sept. 30, 2021, from SAR 24.3 million in the same period last year.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	140.80	155.82	10.7 %
Gross Income	80.41	34.36	(57.3 %)
Operating Income	(17.54)	(34.42)	(96.3 %)
Net Income	(24.30)	(21.79)	10.3 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(0.82)	(0.74)	10.3 %

The telecom attributed the performance to higher revenue and other income as well as decrease in the depreciation and amortization expenses, despite the increase in the costs of services, selling and marketing expenses, allowance for impairment in trade receivables, general and administrative expenses, as well as financial charges.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	67.77	80.85	19.3 %
Gross Income	40.54	14.17	(65.1 %)
Operating Income	(8.87)	(26.83)	(202.4 %)
Net Income	(12.03)	(9.67)	19.6 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(0.41)	(0.33)	19.6 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	74.97	80.85	7.8 %
Gross Income	20.19	14.17	(29.8 %)
Operating Income	(7.59)	(26.83)	(253.2 %)
Net Income	(12.11)	(9.67)	20.1 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(0.41)	(0.33)	20.1 %

The company narrowed its losses by 19.6% to SAR 9.7 million in Q2 2021/22 from a loss of SAR 12.03 million in the same quarter a year earlier, mainly due to increase in revenue and other income as well as low depreciation and amortization expenses.

On sequential basis, the company cut its losses from SAR 12.11 in Q2 2021/22.

Shareholders’ equity, after minority interest, decreased to SAR 90 million as of Sept. 30, 2021, from SAR 126.4 million a year earlier.

Accumulated losses amounted to SAR 138.58 million as of Sept. 30, 2021, representing 60.64% of the company's capital.

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