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.
| 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.
| 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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