Financial Results : Etihad Atheeb trims losses to SAR 1.7 mln in Q1 2022/23

Etihad Atheeb trims losses to SAR 1.7 mln in Q1 2022/23

23/08/2022 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) narrowed its net loss after Zakat and tax by 86% to SAR 1.7 million for the first quarter ended June 30, 2022, from SAR 12.1 million in the year-earlier period.

The telecom operator reported an increase in revenue and other income, along with a decline in finance costs, as well as general and administration expenses (G&A).

 

This came despite an increase in the cost of services, selling and marketing expenses, and provisions for impairment in trade receivables.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 74.97 140.48 87.4 %
Gross Income 20.19 37.54 85.9 %
Operating Income (7.59) 1.76 123.1 %
Net Income (12.11) (1.67) 86.2 %
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (0.41) (0.06) 86.2 %

Compared to the previous quarter, net losses after Zakat and tax narrowed by 79.7% from SAR 8.24 million, thanks to better revenue and lower G&A.

 

Shareholders’ equity, after minority interest, fell by 27.4% to SAR 72.33 million as of June 30, 2022, compared to SAR 99.63 million.

 

Accumulated losses stood at SAR 17.7 million, or 19.6% of the company’s capital, by the end of the three-month period.

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