Financial Results : Etihad Atheeb turns to profit of SAR 52.6 mln in Q1 2023/24

Etihad Atheeb turns to profit of SAR 52.6 mln in Q1 2023/24

13/08/2023 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) swung to a net profit of SAR 52.6 million in the first quarter ended June 30, 2023, from a loss of SAR 1.67 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 140.48 206.33 46.9 %
Gross Income 37.54 70.66 88.2 %
Operating Income 1.76 35.79 1935.7 %
Net Income (1.67) 52.60 3253.7 %
Average Shares 29.62 29.62 -
EPS (Riyals) (0.06) 1.78 3253.7 %

The telecom operator attributed the improved results to higher revenues. This was also due to recording finance income, as well as low selling and marketing expenses, in addition to the allowance for impairment in trade receivables.

 

However, the cost of services as well as general and administrative expenses increased, while other income decreased.

 

Compared to the previous quarter, the three-month profit leapt 78.3% from SAR 29.51 million.

 

Shareholders’ equity, with no minority interest, reached SAR 168.6 million as of June 30, 2023, compared to SAR 72.33 million in the same period last year.

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