Etihad Atheeb sees profit of SAR 13 mln in 9M 2022/23; Q3 at SAR 8 mln

05/02/2023 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) turned to a net profit of SAR 13 million in the nine-month period ended on Dec. 31, 2022, from a net loss of SAR 29.2 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	258.33	452.52	75.2 %
Gross Income	60.27	126.41	109.7 %
Operating Income	(41.15)	19.46	147.3 %
Net Income	(29.16)	12.96	144.4 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(0.98)	0.44	144.4 %

The profit was driven by higher revenue and lower allowance for impairment in trade receivables as well as lower general and administrative expenses, and financial charges.

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

The telco turned to a net profit of SAR 8 million in Q3 2022/23, against a net loss of SAR 7.37 million a year earlier.

On a quarterly basis, the telecom operator saw a 20% increase in net profit, from SAR 6.64 million in Q2 2022/23.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	102.51	164.02	60.0 %
Gross Income	25.91	45.75	76.5 %
Operating Income	(6.73)	10.48	255.8 %
Net Income	(7.37)	8.00	208.5 %
Average Shares	29.62	29.62	0.0 %
EPS (Riyals)	(0.25)	0.27	208.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	148.02	164.02	10.8 %
Gross Income	43.12	45.75	6.1 %
Operating Income	7.22	10.48	45.2 %
Net Income	6.63	8.00	20.5 %
Average Shares	29.62	29.62	-
EPS (Riyals)	0.22	0.27	20.5 %

Shareholders' equity, no minority interest, at the end of the nine-month period amounted to SAR 86.96 million, compared to SAR 73.99 million a year earlier.

Accumulated losses amounted to SAR 3.04 million at the end of the current period, constituting 3.38% of the telco’s capital.

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