Etihad Atheeb says accumulated losses fully amortized

Logo of Etihad Atheeb Telecommunication Co.

Etihad Atheeb Telecommunication Co. (GO) announced, in a bourse filing today, Feb. 11, 2021, that accumulated losses decreased to 0% of the capital.

The primary reasons behind the loss amortization are generating other income from the settlement with the main vendor, generating financing income from discounting of long-term trade payables, as well as the decrease in the operating expenses and cost of services, the company said.

In February, GO signed an agreement with one of the main suppliers to settle all balances and debts since the beginning of the dealings between the two parties until Dec. 31, 2020.

The net balance until Dec. 31, 2020, amounted to SAR 370 million in favor of the main supplier.