Etihad Atheeb narrows losses to SAR 24.3 mln in H1 2020/21

09/11/2020 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO narrowed its net loss after Zakat and tax to SAR 24.3 million in the six-month period ended Sept. 30, 2020, from SAR 52.7 million in the same period last year.

 

The company attributed the decline in losses to lower cost of services, selling and marketing expenses, depreciation & amortization expenses, allowance for impairment in trade receivables, general & administrative expenses, and decrease in financial charges.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 183.93 140.80 (23.5 %)
Gross Income 81.91 80.41 (1.8 %)
Operating Income (44.55) (17.54) 60.6 %
Net Income (52.69) (24.30) 53.9 %
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (1.78) (0.82) 53.9 %

The company narrowed its losses to SAR 12 million in Q2 2020/21 from a loss of SAR 20.8 million in the same quarter a year earlier.

 

On sequential basis, Atheeb slightly cut its losses in Q2 2020/21.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 86.84 67.77 (22.0 %)
Gross Income 42.23 40.54 (4.0 %)
Operating Income (18.60) (8.87) 52.3 %
Net Income (20.83) (12.03) 42.2 %
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (0.70) (0.41) 42.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 60.27 42.7 % 0.32 100.8 % (89.49) 42.3 %
Q2 2011 58.39 24.7 % 3.62 110.3 % (77.82) 43.6 %
Q3 2011 61.32 27.4 % 12.59 138.1 % (74.05) 45.1 %
Q4 2011 66.92 35.5 % 19.69 221.4 % (61.09) 45.8 %
Q1 2012 68.58 13.8 % 11.02 3321.4 % (77.36) 13.6 %
Q2 2012 67.84 16.2 % 12.71 250.9 % (78.19) (0.5 %)
Q3 2012 69.65 13.6 % 12.68 0.7 % (82.47) (11.4 %)
Q4 2012 60.43 (9.7 %) 13.41 (31.9 %) (35.11) 42.5 %
Q1 2013 58.09 (15.3 %) 9.96 (9.6 %) (67.85) 12.3 %
Q2 2013 54.99 (18.9 %) 10.47 (17.6 %) (60.12) 23.1 %
Q3 2013 63.76 (8.5 %) 7.89 (37.8 %) (67.24) 18.5 %
Q4 2013 57.70 (4.5 %) 4.12 (69.3 %) (73.86) (110.4 %)
Q1 2014 61.99 6.7 % 6.16 (38.2 %) (69.97) (3.1 %)
Q2 2014 51.21 (6.9 %) 4.24 (59.5 %) (78.43) (30.5 %)
Q3 2014 60.48 (5.1 %) 8.79 11.5 % (80.18) (19.2 %)
Q4 2014 73.43 27.3 % 10.01 143.2 % (63.99) 13.4 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 (98.81) 38.6 % (15.98) - (98.81) (15.98)
Q2 2011 (85.39) 41.7 % (13.81) - (85.39) (13.81)
Q3 2011 205.96 241.2 % 33.31 - (81.90) (13.24)
Q4 2011 (68.23) 44.1 % (11.03) - (68.23) (11.03)
Q1 2012 (79.42) 19.6 % (2.68) - (79.42) (2.68)
Q2 2012 (78.91) 7.6 % (2.66) - (78.91) (2.66)
Q3 2012 (84.41) (141.0 %) (2.85) - (84.41) (2.85)
Q4 2012 (36.35) 46.7 % (1.23) - (36.35) (1.23)
Q1 2013 (68.97) 13.2 % (2.33) - (68.97) (2.33)
Q2 2013 (43.25) 45.2 % (1.46) - (61.78) (2.09)
Q3 2013 (67.60) 19.9 % (2.28) - (67.60) (2.28)
Q4 2013 (69.46) (91.1 %) (2.34) - (69.46) (2.34)
Q1 2014 60.43 187.6 % 2.04 - (69.97) (2.36)
Q2 2014 (35.28) 18.4 % (1.19) - (67.38) (2.27)
Q3 2014 (47.67) 29.5 % (1.61) - (79.17) (2.67)
Q4 2014 (33.73) 51.4 % (1.14) - (80.67) (2.72)
Q1 2015 (40.16) (166.4 %) (1.36) - (73.28) (2.47)
Q2 2015 3.57 110.1 % 0.12 - (72.68) (2.45)
Q3 2015 (48.87) (2.5 %) (1.65) - (76.12) (2.57)
Q4 2015 (62.64) (85.7 %) (2.11) - (71.89) (2.43)
Q1 2016 (58.11) (44.7 %) (1.96) - (65.27) (2.20)
Q2 2016 15.36 329.8 % 0.52 - (62.42) (2.11)
Q3 2016 (55.99) (14.6 %) (1.89) - (57.99) (1.96)
Q4 2016 (26.53) 57.6 % (0.90) - (50.53) (1.71)
Q1 2017 55.42 195.4 % 1.87 - (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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 (41.19 %) (123.81 %) (250.80 %)
Q2 2011 (20.98 %) (88.36 %) (209.16 %)
Q3 2011 0.14 % (58.26 %) (169.25 %)
Q4 2011 14.67 % (37.34 %) (135.41 %)
Q1 2012 18.38 % (31.27 %) (123.40 %)
Q2 2012 21.16 % (30.03 %) (116.55 %)
Q3 2012 20.55 % (29.94 %) (113.92 %)
Q4 2012 18.69 % (31.24 %) (104.73 %)
Q1 2013 19.05 % (31.39 %) (104.93 %)
Q2 2013 19.13 % (28.40 %) (103.43 %)
Q3 2013 17.59 % (25.77 %) (98.92 %)
Q4 2013 13.83 % (28.77 %) (114.18 %)
Q1 2014 12.01 % (28.98 %) (112.74 %)
Q2 2014 9.55 % (36.85 %) (116.94 %)
Q3 2014 10.07 % (43.48 %) (123.60 %)
Q4 2014 11.82 % (38.11 %) (120.27 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 6.18 (82.98) (82.98) (8.57)
Q2 2011 6.18 (73.12) (73.12) (22.38)
Q3 2011 6.18 (16.23) (62.78) 10.93
Q4 2011 6.18 (7.51) (54.06) (0.10)
Q1 2012 29.62 (0.91) (10.63) 36.96
Q2 2012 29.62 (0.70) (10.41) 34.30
Q3 2012 29.62 (10.50) (10.50) 31.45
Q4 2012 29.62 (9.42) (9.42) 31.60
Q1 2013 29.62 (9.07) (9.07) 29.27
Q2 2013 29.62 (7.86) (8.49) 27.81
Q3 2013 29.62 (7.30) (7.92) 25.53
Q4 2013 29.62 (8.41) (9.04) 23.18
Q1 2014 29.62 (4.05) (9.07) 25.22
Q2 2014 29.62 (3.78) (9.26) 24.03
Q3 2014 29.62 (3.10) (9.65) 22.42
Q4 2014 29.62 (1.90) (10.03) 21.27
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 NEG NEG (36.99)
Q2 2011 NEG NEG (16.14)
Q3 2011 NEG NEG 33.03
Q4 2011 NEG NEG (3511.00)
Q1 2012 NEG NEG 3.58
Q2 2012 NEG NEG 2.50
Q3 2012 NEG NEG 2.60
Q4 2012 NEG NEG 2.46
Q1 2013 NEG NEG 2.59
Q2 2013 NEG NEG 3.43
Q3 2013 NEG NEG 3.38
Q4 2013 NEG NEG 3.78
Q1 2014 NEG NEG 4.11
Q2 2014 NEG NEG 3.27
Q3 2014 NEG NEG 3.04
Q4 2014 NEG NEG 1.93
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

Business Segments (Million)

Compared With The
Period Data sector Voice services
Q3 2013 41.86 21.89
Q4 2013 40.03 17.68
Q1 2014 38.61 23.37
Q2 2014 36.49 14.72
Q3 2014 34.52 25.96
Q4 2014 36.03 37.40
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

Current
Market Cap (M Riyal) 3,341.22
Enterprise Value (EV) (M) 2,906.22
Shares Outstanding ((M)) 33.99
EPS ( Riyal) (TTM) 5.73
Book Value (BV) ( Riyal) 16.44
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.04
P/E (TTM) 17.16
Price/book 5.98
Return on Average Assets (%) (TTM) 17.3
Return on Average Equity (%) (TTM) 57.7

Share Price

Etihad Atheeb Telecommunication Co. (ATHEEB TELECOM)


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