Etihad Atheeb Telecommunication Co. (GO) turned to a net profit after Zakat and tax of SAR 102.6 million in the nine-month period ending on Dec. 31, 2020, backed by a rise in other income and financing income. The telecom operator also reported a decrease in depreciation and amortization costs, as well as general and administrative expenses.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 261.22 | 207.98 | (20.4 %) |
| Gross Income | 132.81 | 119.15 | (10.3 %) |
| Operating Income | (49.39) | (21.53) | 56.4 % |
| Net Income | (62.49) | 102.55 | 264.1 % |
| Average Shares | 29.62 | 29.62 | 0.0 % |
| EPS (Riyals) | (2.11) | 3.46 | 264.1 % |
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 77.28 | 67.18 | (13.1 %) |
| Gross Income | 50.91 | 38.73 | (23.9 %) |
| Operating Income | (4.84) | (3.99) | 17.7 % |
| Net Income | (9.80) | 126.85 | 1394.2 % |
| Average Shares | 29.62 | 29.62 | 0.0 % |
| EPS (Riyals) | (0.33) | 4.28 | 1394.2 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 67.77 | 67.18 | (0.9 %) |
| Gross Income | 40.54 | 38.73 | (4.5 %) |
| Operating Income | (8.87) | (3.99) | 55.1 % |
| Net Income | (12.03) | 126.85 | 1154.3 % |
| Average Shares | 29.62 | 29.62 | - |
| EPS (Riyals) | (0.41) | 4.28 | 1154.3 % |
Go swung to a net profit of SAR 126.9 million in the third quarter, against a net loss of SAR 9.80 million a year earlier. The positive results were driven by an increase in other income and financing income. The telecom operator also reported a decrease in depreciation and amortization costs, as well as general and administrative expenses.
The telecom operator turned profitable from a net loss of SAR 12.03 million in the previous quarter.
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