Etihad Atheeb Telecommunication Co. (GO) announces its Interim Financial results for the Period Ending on 30-06-2024 (Three Months)
28/07/2024
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 310.19 | 206.33 | 50.336 | 306.46 | 1.217 |
| Gross Profit (Loss) | 88 | 70.66 | 24.54 | 73.77 | 19.289 |
| Operational Profit (Loss) | 51.58 | 35.81 | 44.037 | 29.4 | 75.442 |
| Net profit (Loss) | 46.73 | 52.6 | -11.159 | 18.13 | 157.749 |
| Total Comprehensive Income | 46.73 | 52.6 | -11.159 | 16.29 | 186.863 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 605.64 | 168.78 | 258.833 |
| Profit (Loss) per Share | 1.37 | 1.78 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The company continued to achieve a growth in total revenues of 50% (in the amount of SAR 103.86 million) for the current quarter compared to the same quarter of the previous year, mainly due to the following factors: - Wholesale sector revenues increased by 118% (SAR 55.02 million) due to revenue growth from voice and fiber optic connectivity services. - B2B revenue increased by 43% (SAR 48.07 million) mainly due to increased sales resulting from a more effective go-to-market strategy and improved products that meet customer needs. - Increase B2C retail sector revenues by 2% |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The company achieved a net profit of SAR 46.7 million, compared to SAR 52.6 million for the same quarter of the previous year, which includes recording non-recurring financing income of SAR 21.7 million during the same quarter of the previous year as a result of the settlement made by the company with the CST. Noting that the company's operating profits increased by 44% despite the increase in the cost of services, general and administrative expenses, the allowance for impairment in trade receivables, zakat and income tax expenses, increase in revenues, and the decrease in selling and marketing expenses. The company allocated it’s annual provision costs expenses in quarterly basis instead of recording them at the end of the year once such as zakat & income tax, and employees bonuses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The company continued to achieve a growth in total revenues of 1% (SAR 3.7 million) for the current quarter compared to the previous quarter, mainly due to the increase in business sector revenues. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company achieved a net profit of SAR 46.7 million, compared to SAR 16.3 million for the previous quarter (which includes recording non-recurring costs during the previous quarter of the previous year). Noting that the company’s operating profits increased by 75% as a result of the increase in revenues and the decrease in the cost of services, selling and marketing expenses, general and administrative expenses (which include non-recurring expenses in the previous quarter), the allowance for impairment in trade receivables, financing costs, the zakat and income tax expense, and other comprehensive income. despite the decline in other income. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | 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 | - |
