Financial Results : Etihad Atheeb logs SAR 176.5M profit in 9M 2023/24; Q3 at SAR 76.1M

Etihad Atheeb logs SAR 176.5M profit in 9M 2023/24; Q3 at SAR 76.1M

08/02/2024 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) recorded a net profit of SAR 176.5 million in the nine-month period ended on Dec. 31, 2023, compared with SAR 13 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 452.52 709.66 56.8 %
Gross Income 126.41 231.70 83.3 %
Operating Income 19.46 131.25 574.6 %
Net Income 12.96 176.54 1262.1 %
Average Shares 29.62 29.62 -
Earnings Per Share before unusual items 0.44 4.08 832.3 %
EPS (Riyals) 0.44 5.96 1262.1 %

The profit growth was boosted by higher revenues from the individual, business, and wholesale segments compared with the year-earlier period.

 

This was also due to an increase in other income, as well as lower selling and marketing expenses. In addition, allowance for impairment in trade receivables and finance charges (FCs) declined during the same period.

 

The telco posted a net profit of SAR 76.1 million in Q3 2023/24, compared with SAR 8 million a year ago, due to higher revenues, increased other income, as well as lower selling and marketing expenses. This was despite an uptick in the cost of services, general & administrative expenses, FCs, and the allowance for impairment in trade receivables.

 

On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 164.02 265.44 61.8 %
Gross Income 45.75 83.54 82.6 %
Operating Income 10.48 47.16 350.1 %
Net Income 8.00 76.05 851.2 %
Average Shares 29.62 29.62 -
Earnings Per Share before unusual items 0.27 1.42 425.9 %
EPS (Riyals) 0.27 2.57 851.2 %

Shareholders' equity, no minority interest, at the end of the nine-month period amounted to SAR 292.62 million, compared to SAR 86.96 million a year earlier.

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