Etihad Atheeb H1 2023/24 profit soars to SAR 100.5 mln; Q2 at SAR 47.9 mln

31/10/2023 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) reported a net profit of SAR 100.5 million in the first half of 2023/24 ended Sept. 30, 2023, up from SAR 5 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	288.50	444.22	54.0 %
Gross Income	80.66	148.17	83.7 %
Operating Income	8.98	88.58	886.8 %
Net Income	4.97	100.50	1923.7 %
Average Shares	29.62	29.62	-
EPS (Riyals)	0.17	3.39	1923.7 %

The profit growth was driven by higher revenue, lower selling and marketing expenses, as well as a decline in allowance for impairment in trade receivables, and financial charges. This was partially offset by an increase in the cost of services, general and administrative expenses, and a decrease in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	148.02	237.89	60.7 %
Gross Income	43.12	77.50	79.7 %
Operating Income	7.22	52.77	631.0 %
Net Income	6.63	47.89	622.0 %
Average Shares	29.62	29.62	-
EPS (Riyals)	0.22	1.62	622.0 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	206.33	237.89	15.3 %
Gross Income	70.66	77.50	9.7 %
Operating Income	35.79	52.77	47.4 %
Net Income	52.60	47.89	(9.0 %)
Average Shares	29.62	29.62	-
EPS (Riyals)	1.78	1.62	(9.0 %)

The second-quarter net profit surged to SAR 47.89 million from SAR 6.64 million in Q3 2022, mainly due to higher revenue and other income.

The Q2 2023/24 earnings fell 9% from SAR 52.60 million in the previous quarter, as the company reported financial income in the previous quarter.

Total shareholders’ equity, no minority interest, reached SAR 216.57 million as of Sept. 30, 2023, compared to SAR 78.96 million a year earlier.

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