Atheeb Telecommunication achieves net profit of SAR 53 million during Q1

Etihad Atheeb Telecom Company (GO Go) recorded a net profit after zakat and tax of SAR 53 million during the first quarter, compared to a loss of SAR 1.7 million in the same quarter of last year. This came after Sunday’s announcement of the interim financial results for the period ending on June 30, 2023 (3 Months).

The operating profit amounted to SAR 36 million in the first quarter, compared to SAR 3.2 million in the same quarter of the previous year, a growth of 1019%.

The total profit amounted to SAR 71 million during the first quarter, compared to SAR 38 million in the same quarter of last year, an increase of 88%.

Earnings per share in the current period amounted to SAR 5.84, compared to a loss of SAR 0.19 in the same period last year.

The increase in net profit is due to the increase in revenue and generate finance income (Additional Information), decrease in selling and marketing expense and allowance for impairment in trade receivables. In spite of increase in the cost of services, general and administration expenses, and decrease in other income.

The increase in net profit is due to the increase in revenue and generate finance income (Additional Information), decrease in selling and marketing expense and general and administration expenses. In spite of increase in the cost of services, allowance for impairment in trade receivables, and decrease in other income.

The financial statements of the current quarter have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted in Kingdom of Saudi Arabia and Other accredited by the Saudi Organization for Chartered and Professional Accountants (SOCPA). The financial statements for the comparative quarter have been represented, reclassified and categorized in accordance with the accounting policies applied in the presentation, classification and classification of the financial statements for the current quarter.

-Additional Information

On May 10, 2023, the Company signed an agreement with the CST to reschedule a liability of SAR 63.88 million to be paid over 7 years of SAR 9.13 million each year starting from April 1, 2025, the Company generated finance income amounted SAR 21.7 million