Financial Results : GO posts profit rise to SAR 105.3M in H1 2024/25; Q2 at SAR 58.6M

GO posts profit rise to SAR 105.3M in H1 2024/25; Q2 at SAR 58.6M

30/10/2024 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) reported a net profit rise to SAR 105.3 million in the six-month period ended Sept. 30, 2024, up from SAR 100.5 million in H1 2023/24.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 444.22 657.09 47.9 %
Gross Income 148.17 195.24 31.8 %
Operating Income 88.58 110.13 24.3 %
Net Income 100.50 105.34 4.8 %
Average Shares 29.62 34.00 14.8 %
EPS (Riyals) 3.39 3.10 (8.7 %)

GO recorded a 47.9% year-on-year (YoY) rise in the six-month topline, mainly due to a 108% YoY surge in wholesale revenues and a 42% rise B2B revenues.

 

The company’s operating profit jumped 24% YoY on better revenues, despite an increase of SAR 166 million in the cost of sales. Gross profits grew by SAR 47 million despite higher operating expenses (OpEx).



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 237.89 346.91 45.8 %
Gross Income 77.50 107.23 38.4 %
Operating Income 52.77 58.55 11.0 %
Net Income 47.89 58.61 22.4 %
Average Shares 29.62 34.00 14.8 %
EPS (Riyals) 1.62 1.72 6.6 %

The second-quarter net earnings jumped 22% to SAR 58.6 million, from SAR 47.9 million in Q2 2023/24, thanks to an 11.8% YoY rise in the topline driven by the wholesale and B2B revenues. Financing costs declined by SAR 6 million, while the cost of sales increased by SAR 79 million on an annual basis.

 

The telecom operator’s net profit rose 25.4% from SAR 46.7 million in the previous quarter as revenues grew by SAR 36 million on a sequential basis.

 

Total shareholders’ equity, no minority interest, reached SAR 654.05 million as of Sept. 30, 2024, up from SAR 216.57 million a year earlier.

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