GO earns SAR 223M in FY2024/25, Q4 at SAR 62.5M

Etihad Atheeb Telecommunication Co. (GO) reported a net profit of SAR 223 million for the fiscal year ended March 31, 2025, compared with SAR 195 million a year earlier.

The strong performance was driven by solid growth in the business sector, where revenues jumped 44% year-on-year (YoY) to SAR 229 million, supported by strategic projects with government entities and private companies. This reflects the group’s success in expanding its services and reinforcing its market position in this vital sector.

Wholesale revenues also rose to SAR 204 million, boosted by the continued growth in voice connectivity and fiber optic services.

Subsidiary EJAD TECH contributed SAR 42.5 million in revenue from the acquisition date through the end of the fiscal year, further supporting the group’s overall financial performance.

By contrast, the prior year’s results included SAR 56 million in non-recurring income, comprising SAR 34 million from a settlement with Tawal and SAR 22 million in financing income from a settlement with the Communications, Space & Technology Commission (CST).

Excluding these one-off items, the profit growth in FY2024/25 reflects a sustainable operational performance, underpinned by gains in the business and wholesale segments, as well as the contribution from EJAD TECH.

However, the cost of revenue increased by SAR 320 million. Expected credit losses on trade receivables also rose by SAR 24.6 million, and general and administrative expenses grew by SAR 24 million.

The fourth-quarter net earnings soared 244% to SAR 62.5 million, compared with SAR 18.13 million a year earlier.

On a sequential basis, net profits saw a 13.2% increase from SAR 55.19 million in Q3 2024/25.

Total shareholders’ equity, after minority interest, reached SAR 766 million as of March 31, 2024, up from SAR 558.91 million a year earlier.

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