GO posts 9% profit drop to SAR 160.5M in 9M 2024/25; Q3 at SAR 55.2M

Etihad Atheeb Telecommunication Co. (GO) reported a net profit decline of 9% to SAR 160.5 million in the nine-month period ended Dec. 31, 2024, from SAR 176.5 million in the prior-year period.

The Saudi telecom major had recorded non-recurring profits of SAR 34 million on a settlement agreement with TAWAL Co. in the nine-month period ended Dec. 31, 2023. It had also reported a non-recurring finance income of SAR 22 million in the same period of 2023 on the CST obligation rescheduling.

Moreover, expected credit losses from accounts receivable amounted to SAR 27 million during the current nine-month period, along with an increase of SAR 24 million in general and administrative (G&A) expenses.

On the other hand, revenue grew by SAR 329 million in 9M 2024/25, compared to the same period of 2023.

The third-quarter net earnings dipped 27% to SAR 55.2 million, from SAR 76 million in Q3 2023/24, although financing costs shrank by SAR 7 million during the three-month period.

On a sequential basis, net profits saw a 5.8% decrease from SAR 58.6 million in Q2 2024/25.

Total shareholders’ equity, no minority interest, reached SAR 709.2 million as of Dec. 31, 2024, up from SAR 292.6 million a year earlier.

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