Etihad Atheeb turns to SAR 5 mln profit in H1 2022/2023; Q2 earnings at SAR 6.6 mln

26/10/2022 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) reported a net profit after Zakat and tax of SAR 4.97 million for the first six months of 2022/2023, versus a net loss after Zakat and tax of SAR 21.8 million in a year earlier period, due to stronger revenue, lower provisions for impairment in trade receivables and decreased general and administrative expenses.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	155.82	288.50	85.2 %
Gross Income	34.36	80.66	134.8 %
Operating Income	(34.42)	8.98	126.1 %
Net Income	(21.79)	4.97	122.8 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(0.74)	0.17	122.8 %

Q2 2022/2023 net profit after Zakat and tax reached SAR 6.63 million, versus a net loss of SAR 9.67 million in the prior-year period, driven by higher revenue, lower provisions for impairment in trade receivables, and decreased general and administrative expenses.

On a sequential basis, Etihad Atheeb swung to profit from SAR 1.67 million losses in Q1 2022/2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	80.85	148.02	83.1 %
Gross Income	14.17	43.12	204.4 %
Operating Income	(26.83)	7.22	126.9 %
Net Income	(9.67)	6.63	168.6 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(0.33)	0.22	168.6 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	140.48	148.02	5.4 %
Gross Income	37.54	43.12	14.9 %
Operating Income	1.76	7.22	310.6 %
Net Income	(1.67)	6.63	497.7 %
Average Shares	29.62	29.62	-
EPS (Riyals)	(0.06)	0.22	497.7 %

Total shareholders’ equity, after minority interest, amounted to SAR 78.96 million by the end of Sept. 30, 2022, versus SAR 89.95 million in the corresponding period.

The telecom operator incurred accumulated losses of SAR 11 million, or 12% of capital, by the end of the six-month period.

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