Atheeb Telecom swings to SAR 55 mln net profit in Q1

Etihad Atheeb Telecommunication Co. (Atheeb Telecom) reported a net profit of SAR 55.4 million for the three months ended March 31, 2017 compared to a net loss of SAR 58 million in the same period last year. The profit was attributed to higher internet, data and voice revenue as well as higher other income mainly due to the sale of the towers.

The company's external auditor drew attention in its report to current liabilities that exceeded current assets and accumulated losses which reached 40.31 percent of capital thus raising substantial doubts about the company's ability to continue as a going concern.

When compared to previous quarter’s net loss of SAR 22 million, the net profit for the period is driven by higher internet and wholesale revenue, and an increase in other income.