GO logs SAR 46.7M profit in Q1 2024/25

28/07/2024 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) posted a net profit of SAR 46.7 million in the first quarter ended June 30, 2024, compared with SAR 52.6 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 206.33 310.19 50.3 %
Gross Income 70.66 88.00 24.5 %
Operating Income 35.79 50.12 40.0 %
Net Income 52.60 46.73 (11.2 %)
Average Shares 29.62 34.00 14.8 %
EPS (Riyals) 1.78 1.37 (22.6 %)

The telco recorded non-recurring financing income of SAR 21.7 million during the same quarter of the previous year due to GO's settlement with the Communications, Space & Technology Commission (CST).

 

The company posted a rise in the cost of services, as well as general and administrative expenses. This is in addition to the allowance for impairment in trade receivables, Zakat and income tax expenses, an increase in revenues, and lower selling and marketing expenses.

 

However, operating income increased by 44% compared with a year earlier.

 

On a sequential basis, the first-quarter net earnings soared 157.7% from SAR 18.13 million in Q4 2023/24.

 

Shareholders’ equity, with no minority interest, reached SAR 605.6 million as of June 30, 2024, compared to SAR 168.7 million in the same period last year.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 83.33 34.4 % 9.71 57.7 % (72.05) (3.0 %)
Q2 2015 76.05 48.5 % 9.17 116.4 % (71.51) 8.8 %
Q3 2015 86.75 43.4 % 4.49 (48.9 %) (74.99) 6.5 %
Q4 2015 96.90 32.0 % 8.81 (12.1 %) (70.92) (10.8 %)
Q1 2016 89.99 8.0 % 8.84 (8.9 %) (62.19) 13.7 %
Q2 2016 86.30 13.5 % 12.19 32.9 % (59.51) 16.8 %
Q3 2016 116.36 34.1 % 27.85 519.8 % (53.20) 29.1 %
Q4 2016 129.10 33.2 % 29.74 237.7 % (47.83) 32.6 %
Q1 2017 136.03 51.2 % 25.08 183.5 % (51.26) 17.6 %
Q2 2017 126.45 46.5 % 22.71 86.3 % (41.44) 30.4 %
Q3 2017 110.79 (4.8 %) 17.08 (38.7 %) (43.32) 18.6 %
Q4 2017 106.56 (17.5 %) 26.07 (12.3 %) (62.20) (30.0 %)
Q1 2018 104.67 (23.1 %) 32.43 29.3 % (32.91) 35.8 %
Q2 2018 108.81 (14.0 %) 30.68 35.1 % (25.02) 39.6 %
Q3 2018 103.92 (6.2 %) 40.24 135.6 % (12.38) 71.4 %
Q4 2018 103.70 (2.7 %) 32.04 22.9 % (5.07) 91.8 %
Q1 2019 97.10 (7.2 %) 39.68 22.3 % (25.95) 21.2 %
Q2 2019 86.84 (20.2 %) 42.23 37.6 % (18.60) 25.6 %
Q3 2019 77.28 (25.6 %) 50.91 26.5 % (4.84) 60.9 %
Q4 2019 78.39 (24.4 %) 54.81 71.1 % (4.46) 12.0 %
Q1 2020 73.03 (24.8 %) 39.87 0.5 % (8.67) 66.6 %
Q2 2020 67.77 (22.0 %) 40.54 (4.0 %) (8.87) 52.3 %
Q3 2020 67.18 (13.1 %) 38.73 (23.9 %) (3.99) 17.7 %
Q4 2020 74.12 (5.4 %) 21.88 (60.1 %) (19.83) (344.5 %)
Q1 2021 74.97 2.7 % 20.19 (49.4 %) (7.59) 12.4 %
Q2 2021 80.85 19.3 % 14.17 (65.1 %) (26.83) (202.4 %)
Q3 2021 102.51 52.6 % 25.91 (33.1 %) (6.73) (68.7 %)
Q4 2021 120.23 62.2 % 31.57 44.3 % (3.70) 81.3 %
Q1 2022 140.48 87.4 % 37.54 85.9 % 1.76 123.1 %
Q2 2022 148.02 83.1 % 43.12 204.4 % 7.22 126.9 %
Q3 2022 164.02 60.0 % 45.75 76.5 % 10.48 255.8 %
Q4 2022 177.82 47.9 % 56.28 78.3 % 23.97 747.7 %
Q1 2023 206.33 46.9 % 70.66 88.2 % 35.79 1935.7 %
Q2 2023 237.89 60.7 % 77.50 79.7 % 48.31 569.2 %
Q3 2023 265.44 61.8 % 83.54 82.6 % 47.16 350.1 %
Q4 2023 306.46 72.3 % 73.77 31.1 % 13.61 (43.2 %)
Q1 2024 310.19 50.3 % 88.00 24.5 % 50.12 40.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 (40.16) (166.4 %) (1.36) 33.12 (73.28) (2.47)
Q2 2015 3.57 110.1 % 0.12 76.25 (72.68) (2.45)
Q3 2015 (48.87) (2.5 %) (1.65) 27.25 (76.12) (2.57)
Q4 2015 (62.64) (85.7 %) (2.11) 9.25 (71.89) (2.43)
Q1 2016 (58.11) (44.7 %) (1.96) 7.17 (65.27) (2.20)
Q2 2016 15.36 329.8 % 0.52 77.77 (62.42) (2.11)
Q3 2016 (55.99) (14.6 %) (1.89) 2.00 (57.99) (1.96)
Q4 2016 (26.53) 57.6 % (0.90) 24.00 (50.53) (1.71)
Q1 2017 55.42 195.4 % 1.87 97.92 (42.50) (1.43)
Q2 2017 (29.81) (294.1 %) (1.01) - (29.81) (1.01)
Q3 2017 (32.90) 41.2 % (1.11) - (32.90) (1.11)
Q4 2017 (32.97) (24.3 %) (1.11) - (32.97) (1.11)
Q1 2018 (21.87) (139.5 %) (0.74) - (21.87) (0.74)
Q2 2018 (13.67) 54.2 % (0.46) - (13.67) (0.46)
Q3 2018 (12.71) 61.4 % (0.43) - (12.71) (0.43)
Q4 2018 (5.05) 84.7 % (0.17) - (5.05) (0.17)
Q1 2019 (31.86) (45.7 %) (1.08) - (31.86) (1.08)
Q2 2019 (20.83) (52.4 %) (0.70) - (20.83) (0.70)
Q3 2019 (9.80) 22.9 % (0.33) - (9.80) (0.33)
Q4 2019 (9.12) (80.7 %) (0.31) - (9.12) (0.31)
Q1 2020 (12.27) 61.5 % (0.41) - (12.27) (0.41)
Q2 2020 (12.03) 42.2 % (0.41) - (12.03) (0.41)
Q3 2020 126.85 1394.2 % 4.28 136.99 (10.15) (0.34)
Q4 2020 (140.81) (1,444.1 %) (4.75) (93.37) (47.44) (1.60)
Q1 2021 (12.11) 1.2 % (0.41) - (12.11) (0.41)
Q2 2021 (9.67) 19.6 % (0.33) - (9.67) (0.33)
Q3 2021 (7.37) (105.8 %) (0.25) - (7.37) (0.25)
Q4 2021 (8.24) 94.1 % (0.28) - (8.24) (0.28)
Q1 2022 (1.67) 86.2 % (0.06) - (1.67) (0.06)
Q2 2022 6.63 168.6 % 0.22 - 6.63 0.22
Q3 2022 8.00 208.5 % 0.27 - 8.00 0.27
Q4 2022 29.51 458.1 % 1.00 - 29.51 1.00
Q1 2023 52.60 3253.7 % 1.78 21.71 30.90 1.04
Q2 2023 47.89 622.0 % 1.62 - 47.89 1.62
Q3 2023 76.05 851.2 % 2.57 34.00 42.05 1.42
Q4 2023 18.13 (38.5 %) 0.53 - 18.13 0.53
Q1 2024 46.73 (11.2 %) 1.37 1.43 45.30 1.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 12.20 % (37.20 %) (111.94 %)
Q2 2015 12.85 % (33.11 %) (104.27 %)
Q3 2015 10.45 % (29.51 %) (94.74 %)
Q4 2015 9.38 % (29.50 %) (85.70 %)
Q1 2016 8.96 % (28.58 %) (81.77 %)
Q2 2016 9.54 % (26.71 %) (76.60 %)
Q3 2016 14.81 % (21.09 %) (66.12 %)
Q4 2016 18.64 % (19.19 %) (56.01 %)
Q1 2017 20.28 % (17.87 %) (45.63 %)
Q2 2017 20.75 % (16.14 %) (35.60 %)
Q3 2017 18.83 % (17.80 %) (31.00 %)
Q4 2017 18.95 % (22.34 %) (28.80 %)
Q1 2018 21.92 % (21.11 %) (26.21 %)
Q2 2018 24.66 % (19.04 %) (23.54 %)
Q3 2018 30.53 % (12.81 %) (19.16 %)
Q4 2018 32.15 % (3.28 %) (12.66 %)
Q1 2019 34.49 % 1.25 % (15.30 %)
Q2 2019 39.38 % 6.04 % (17.99 %)
Q3 2019 45.17 % 11.87 % (18.51 %)
Q4 2019 55.25 % 20.23 % (21.09 %)
Q1 2020 59.52 % 25.59 % (16.48 %)
Q2 2020 62.78 % 28.79 % (14.58 %)
Q3 2020 60.74 % 28.69 % (15.21 %)
Q4 2020 49.99 % 20.67 % (29.03 %)
Q1 2021 42.72 % 18.51 % (28.77 %)
Q2 2021 31.96 % 9.35 % (26.71 %)
Q3 2021 24.71 % 4.99 % (23.04 %)
Q4 2021 24.26 % 5.85 % (9.88 %)
Q1 2022 24.59 % 6.23 % (6.07 %)
Q2 2022 27.02 % 11.34 % (2.08 %)
Q3 2022 27.58 % 12.82 % 0.82 %
Q4 2022 28.98 % 16.55 % 6.74 %
Q1 2023 31.00 % 19.92 % 10.78 %
Q2 2023 31.83 % 22.87 % 14.79 %
Q3 2023 32.45 % 24.31 % 16.94 %
Q4 2023 30.06 % 20.34 % 13.68 %
Q1 2024 28.82 % 19.65 % 13.69 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 29.62 (5.29) (10.14) 19.91
Q2 2015 29.62 (3.98) (10.32) 20.01
Q3 2015 29.62 (4.02) (10.22) 18.35
Q4 2015 29.62 (5.00) (9.92) 16.19
Q1 2016 29.62 (5.61) (9.65) 13.09
Q2 2016 29.62 (5.21) (9.31) 13.61
Q3 2016 29.62 (5.45) (8.69) 11.72
Q4 2016 29.62 (4.23) (7.97) 10.82
Q1 2017 29.62 (0.40) (7.20) 12.69
Q2 2017 29.62 (1.92) (6.10) 11.69
Q3 2017 29.62 (1.14) (5.26) 10.58
Q4 2017 29.62 (1.36) (4.66) 9.59
Q1 2018 29.62 (3.97) (3.97) 8.53
Q2 2018 29.62 (3.42) (3.42) 8.07
Q3 2018 29.62 (2.74) (2.74) 7.64
Q4 2018 29.62 (1.80) (1.80) 7.50
Q1 2019 29.62 (2.14) (2.14) 6.43
Q2 2019 29.62 (2.38) (2.38) 5.72
Q3 2019 29.62 (2.28) (2.28) 5.39
Q4 2019 29.62 (2.42) (2.42) 5.09
Q1 2020 29.62 (1.76) (1.76) 4.67
Q2 2020 29.62 (1.46) (1.46) 4.27
Q3 2020 29.62 3.15 (1.47) 8.55
Q4 2020 29.62 (1.29) (2.76) 3.77
Q1 2021 29.62 (1.29) (2.76) 3.36
Q2 2021 29.62 (1.21) (2.68) 3.04
Q3 2021 29.62 (5.74) (2.59) 2.79
Q4 2021 29.62 (1.26) (1.26) 2.50
Q1 2022 29.62 (0.91) (0.91) 2.44
Q2 2022 29.62 (0.36) (0.36) 2.67
Q3 2022 29.62 0.16 0.16 2.94
Q4 2022 29.62 1.43 1.43 3.92
Q1 2023 29.62 3.27 2.53 5.69
Q2 2023 29.62 4.66 3.93 7.31
Q3 2023 29.62 6.96 5.08 9.88
Q4 2023 34.00 5.73 4.09 16.44
Q1 2024 34.00 5.55 4.51 17.81

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 NEG NEG 1.96
Q2 2015 NEG NEG 2.00
Q3 2015 NEG NEG 1.74
Q4 2015 NEG NEG 2.05
Q1 2016 NEG NEG 1.86
Q2 2016 NEG NEG 1.75
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 1.66
Q1 2017 NEG NEG 1.93
Q2 2017 NEG NEG 1.75
Q3 2017 NEG NEG 1.83
Q4 2017 NEG NEG 1.86
Q1 2018 NEG NEG 1.31
Q2 2018 NEG NEG 1.21
Q3 2018 NEG NEG 1.28
Q4 2018 NEG NEG 1.30
Q1 2019 NEG NEG 1.52
Q2 2019 NEG NEG 1.71
Q3 2019 NEG NEG 1.81
Q4 2019 NEG NEG 1.92
Q1 2020 NEG NEG 2.09
Q2 2020 NEG NEG 2.29
Q3 2020 3.10 NEG 1.14
Q4 2020 NEG NEG 2.59
Q1 2021 NEG NEG 10.24
Q2 2021 NEG NEG 10.73
Q3 2021 NEG NEG 10.25
Q4 2021 NEG NEG 10.41
Q1 2022 NEG NEG 8.04
Q2 2022 NEG NEG 5.44
Q3 2022 85.28 85.28 4.63
Q4 2022 11.41 11.41 4.18
Q1 2023 6.27 8.09 3.60
Q2 2023 5.81 6.90 3.70
Q3 2023 6.41 8.79 4.52
Q4 2023 8.99 12.60 3.13
Q1 2024 16.87 20.77 5.26

Business Segments (Million)

Compared With The
Period Data sector Voice services Un-allocated service
Q1 2015 36.92 46.41 -
Q2 2015 35.85 40.21 -
Q3 2015 39.98 46.77 -
Q4 2015 43.21 53.69 -
Q1 2016 48.58 41.41 -
Q2 2016 52.30 34.00 -
Q3 2016 73.28 43.08 -
Q4 2016 89.70 39.40 -
Q1 2017 90.22 45.80 -
Q2 2017 83.70 42.76 -
Q3 2017 81.62 29.17 -
Q4 2017 83.18 23.38 -
Q1 2018 85.02 19.64 -
Q2 2018 88.39 20.42 -
Q3 2018 84.41 19.50 -
Q4 2018 84.24 19.46 -
Q1 2019 91.28 5.81 -
Q2 2019 81.64 5.20 -
Q3 2019 72.66 4.63 -
Q4 2019 57.61 20.77 -
Q1 2020 53.68 19.35 -
Q2 2020 65.88 1.88 -
Q3 2020 59.12 8.06 -
Q4 2020 70.50 3.62 -
Q1 2021 66.19 8.78 -
Q2 2021 69.02 11.83 -
Q3 2021 77.22 25.29 -
Q4 2021 88.03 32.20 -
Q1 2022 105.08 35.40 -
Q2 2022 112.39 35.63 -
Q3 2022 130.91 33.11 -
Q4 2022 105.53 40.44 31.85
Q1 2023 149.97 56.37 -
Q2 2023 145.38 92.51 -
Q3 2023 209.62 55.81 -
Q4 2023 222.29 84.16 -
Q1 2024 155.83 154.35 -

Current
Market Cap (M Riyal) 3,004.72
Enterprise Value (EV) (M) 2,539.43
Shares Outstanding ((M)) 33.99
EPS ( Riyal) (TTM) 5.55
Book Value (BV) ( Riyal) 17.81
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.59
P/E (TTM) 15.91
Price/book 4.96
Return on Average Assets (%) (TTM) 16.1
Return on Average Equity (%) (TTM) 48.8

Share Price

Etihad Atheeb Telecommunication Co. (ATHEEB TELECOM)


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