Etihad Atheeb Telecom Loss Hit SR7.4mln

Etihad Atheeb Telecom (GO), after zakat and tax losses amounted to SR7.4 million, during the 3rd quarter of 2021 (9-month), compared to a profit of SR127 million, during the same quarter of last year.

As for the operating loss, during the quarter, it amounted to SR2.2 million, compared to a profit of SR 97 million, during the same period of the previous year.

The total profit during the quarter amounted to SR48 million, compared to SR39 million, during the same period of the previous year, an increase of 23%.

Meanwhile, the net loss during the period amounted to SR29 million, compared to a profit of SR103 million, during the same period last year.

The loss per share during the period amounted to SR1.28, compared to a profit of SR4.49, during the same period of the previous year.

The reason for the (decrease) in net profit, during the quarter compared to the same quarter of the previous year, was due to the decrease, in other revenues (as a settlement was reached with a major supplier, during the same quarter of the previous year, resulting in other non-recurring revenues amounting to SR101 million, in addition to an amount of SR35.86 million, as financing income), an increase in the cost of services, general and administrative expenses, selling and marketing expenses, and impairment losses in trade receivables and financing expenses, despite the increase in revenues and a decrease in depreciation and amortization expenses and zakat provision.