GO earns SAR 194.7M in FY 2023/24; Q4 at SAR 18.1M

09/06/2024 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) recorded a net profit of SAR 194.7 million in the fiscal year ended March 31, 2024, compared to SAR 42.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	630.34	1,016.12	61.2 %
Gross Income	182.69	305.47	67.2 %
Operating Income	43.43	144.87	233.6 %
Net Income	42.47	194.68	358.4 %
Average Shares	29.62	34.00	14.8 %
EPS (Riyals)	1.43	5.73	299.4 %

The annual profit rise was driven by better revenue and other income. The company also reported a decline in selling and marketing expenses. GO also recorded a financing income during the period.

On the other hand, the company reported an increase in the costs of services, general and administrative expenses (G&A), as well as impairment in trade receivables.

The fourth-quarter net earnings fell by 38.5% to SAR 18.1 million, from SAR 29.5 million in Q4 2022/23.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	177.82	306.46	72.3 %
Gross Income	56.28	73.77	31.1 %
Operating Income	23.97	13.61	(43.2 %)
Net Income	29.51	18.13	(38.5 %)
Average Shares	29.62	34.00	14.8 %
EPS (Riyals)	1.00	0.53	(46.5 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	265.44	306.46	15.5 %
Gross Income	83.54	73.77	(11.7 %)
Operating Income	47.16	13.61	(71.1 %)
Net Income	76.05	18.13	(76.2 %)
Average Shares	29.62	34.00	14.8 %
EPS (Riyals)	2.57	0.53	(79.2 %)

On a sequential basis, net earnings tumbled 76.2% from SAR 76 million in Q3 2023/24.

Shareholders' equity, no minority interest, stood at SAR 558.91 million at the end of the 12-month period, up from SAR 116.08 million a year earlier.

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