Etihad Atheeb Telecommunication Co. (GO) reported a net profit of SAR 100.5 million in the first half of 2023/24 ended Sept. 30, 2023, up from SAR 5 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 288.50 | 444.22 | 54.0 % |
| Gross Income | 80.66 | 148.17 | 83.7 % |
| Operating Income | 8.98 | 84.09 | 836.9 % |
| Net Income | 4.97 | 100.50 | 1923.7 % |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | 0.17 | 3.39 | 1923.7 % |
The profit growth was driven by higher revenue, lower selling and marketing expenses, as well as a decline in allowance for impairment in trade receivables, and financial charges. This was partially offset by an increase in the cost of services, general and administrative expenses, and a decrease in other income.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 148.02 | 237.89 | 60.7 % |
| Gross Income | 43.12 | 77.50 | 79.7 % |
| Operating Income | 7.22 | 48.31 | 569.2 % |
| Net Income | 6.63 | 47.89 | 622.0 % |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | 0.22 | 1.62 | 622.0 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 206.33 | 237.89 | 15.3 % |
| Gross Income | 70.66 | 77.50 | 9.7 % |
| Operating Income | 35.79 | 48.31 | 35.0 % |
| Net Income | 52.60 | 47.89 | (9.0 %) |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | 1.78 | 1.62 | (9.0 %) |
The second-quarter net profit surged to SAR 47.89 million from SAR 6.64 million in Q3 2022, mainly due to higher revenue and other income.
The Q2 2023/24 earnings fell 9% from SAR 52.60 million in the previous quarter, as the company reported financial income in the previous quarter.
Total shareholders’ equity, no minority interest, reached SAR 216.57 million as of Sept. 30, 2023, compared to SAR 78.96 million a year earlier.
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