Go widens losses by 46% in Q1 – 19/20

25/12/2019 Argaam Exclusive

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Etihad Atheeb Telecommunication Company (ATHEEB TELECOM)

Etihad Atheeb Telecommunication Co. (GO) widened net losses after zakat and tax by 45.68% year-on-year (YoY) to SAR 31.86 million in Q1 2019/2020, driven by higher cost of depreciation and amortization and lower revenue, despite decreased general and administrative expenses (G&As).

On a sequential basis, the telecom operator widened losses by more than six-fold in Q1, due to lower revenue and higher G&As.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 104.67 97.10 (7.2 %)
Gross Income 32.43 39.68 22.3 %
Operating Income (32.91) (25.95) 21.2 %
Net Income (21.87) (31.86) (45.7 %)
Average Shares 29.62 29.62 -
EPS (Riyals) (0.74) (1.08) (45.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 42.23 - (38.63) - (160.81) (375.8 %) (26.00)
Q2 2010 46.81 - (35.29) - (146.35) (207.5 %) (23.67)
Q3 2010 48.15 - (33.09) (1,475.9 %) (145.88) (118.2 %) (23.59)
Q4 2010 49.38 39.3 % (16.21) 65.8 % (122.10) 47.1 % (19.75)
Q1 2011 60.27 42.7 % 0.32 100.8 % (98.81) 38.6 % (15.98)
Q2 2011 58.39 24.7 % 3.62 110.3 % (85.39) 41.7 % (13.81)
Q3 2011 61.32 27.4 % 12.59 138.1 % 205.96 241.2 % 33.31
Q4 2011 66.92 35.5 % 19.69 221.4 % (68.23) 44.1 % (11.03)
Q1 2012 68.58 13.8 % 11.02 3321.4 % (79.42) 19.6 % (2.68)
Q2 2012 67.84 16.2 % 12.71 250.9 % (78.91) 7.6 % (2.66)
Q3 2012 69.65 13.6 % 12.68 0.7 % (84.41) (141.0 %) (2.85)
Q4 2012 60.43 (9.7 %) 13.41 (31.9 %) (36.35) 46.7 % (1.23)
Q1 2013 58.09 (15.3 %) 9.96 (9.6 %) (68.97) 13.2 % (2.33)
Q2 2013 54.99 (18.9 %) 10.47 (17.6 %) (43.25) 45.2 % (1.46)
Q3 2013 63.76 (8.5 %) 7.89 (37.8 %) (67.60) 19.9 % (2.28)
Q4 2013 57.70 (4.5 %) 4.12 (69.3 %) (69.46) (91.1 %) (2.34)
Q1 2014 61.99 6.7 % 6.16 (38.2 %) 60.43 187.6 % 2.04
Q2 2014 51.21 (6.9 %) 4.24 (59.5 %) (35.28) 18.4 % (1.19)
Q3 2014 60.48 (5.1 %) 8.79 11.5 % (47.67) 29.5 % (1.61)
Q4 2014 73.43 27.3 % 10.01 143.2 % (33.73) 51.4 % (1.14)
Q1 2015 83.33 34.4 % 9.71 57.7 % (40.16) (166.4 %) (1.36)
Q2 2015 76.05 48.5 % 9.17 116.4 % 3.57 110.1 % 0.12
Q3 2015 86.75 43.4 % 4.49 (48.9 %) (48.87) (2.5 %) (1.65)
Q4 2015 96.90 32.0 % 8.81 (12.1 %) (62.64) (85.7 %) (2.11)
Q1 2016 89.99 8.0 % 8.84 (8.9 %) (58.11) (44.7 %) (1.96)
Q2 2016 86.30 13.5 % 12.19 32.9 % 15.36 329.8 % 0.52
Q3 2016 116.36 34.1 % 27.85 519.8 % (55.99) (14.6 %) (1.89)
Q4 2016 129.10 33.2 % 29.74 237.7 % (26.53) 57.6 % (0.90)
Q1 2017 136.03 51.2 % 25.08 183.5 % 55.42 195.4 % 1.87
Q2 2017 126.45 46.5 % 22.71 86.3 % (29.81) (294.1 %) (1.01)
Q3 2017 110.79 (4.8 %) 17.08 (38.7 %) (32.90) 41.2 % (1.11)
Q4 2017 106.56 (17.5 %) 26.07 (12.3 %) (32.97) (24.3 %) (1.11)
Q1 2018 104.67 (23.1 %) 32.43 29.3 % (21.87) (139.5 %) (0.74)
Q2 2018 108.81 (14.0 %) 30.68 35.1 % (13.67) 54.2 % (0.46)
Q3 2018 103.92 (6.2 %) 40.24 135.6 % (12.71) 61.4 % (0.43)
Q4 2018 103.70 (2.7 %) 32.04 22.9 % (5.05) 84.7 % (0.17)
Q1 2019 97.10 (7.2 %) 39.68 22.3 % (31.86) (45.7 %) (1.08)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 (89.45 %) (255.37 %) (396.11 %)
Q4 2010 (66.05 %) (172.87 %) (308.27 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 6.18 (81.84) (81.84) 74.42
Q2 2010 6.18 (97.80) (97.80) 50.75
Q3 2010 6.18 (110.59) (110.59) 27.16
Q4 2010 6.18 (93.01) (93.01) 7.41
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 10.86
Q2 2010 NEG NEG 13.68
Q3 2010 NEG NEG 25.91
Q4 2010 NEG NEG 95.88
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

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

Current
Market Cap (M Riyal) 3,976.83
Enterprise Value (EV) (M) 3,832.35
Shares Outstanding ((M)) 33.99
EPS ( Riyal) (TTM) 6.96
Book Value (BV) ( Riyal) 9.88
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.57
P/E (TTM) 19.30
Price/book 13.59
Return on Average Assets (%) (TTM) 21.4
Return on Average Equity (%) (TTM) 108.6

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