Etihad Atheeb earns SAR 42.5 mln in FY 2022/23; Q4 profit at SAR 29.5 mln

04/06/2023 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) swung to a net profit of SAR 42.5 million in the fiscal year ended on March 31, 2023, against a net loss of SAR 37.4 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	378.55	630.34	66.5 %
Gross Income	91.84	182.69	98.9 %
Operating Income	(44.85)	43.43	196.8 %
Net Income	(37.40)	42.47	213.6 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(1.26)	1.43	213.6 %

The positive results were driven by higher sales and lower losses from impairment of trade receivables, along with a decline in general and administrative expenses, and finance charges. Zakat and income tax expenses also edged lower.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	120.23	177.82	47.9 %
Gross Income	31.57	56.28	78.3 %
Operating Income	(3.70)	23.97	747.7 %
Net Income	(8.24)	29.51	458.1 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(0.28)	1.00	458.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	164.02	177.82	8.4 %
Gross Income	45.75	56.28	23.0 %
Operating Income	10.48	23.97	128.8 %
Net Income	8.00	29.51	269.1 %
Average Shares	29.62	29.62	-
EPS (Riyals)	0.27	1.00	269.1 %

This came despite higher costs of revenues, selling and marketing expenses, in addition to lower other income.

The telco turned to a net profit of SAR 29.5 million in Q4 2022/23, against a net loss of SAR 8.24 million a year earlier.

On a quarterly basis, the telecom operator reported an over threefold increase in net profit from SAR 8 million in Q3 2022/23.

Shareholders' equity, no minority interest, came in at SAR 116.1 million by the end of the 12-month period, compared to SAR 74 million a year earlier.

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