Tadawul to lift trading halt on Etihad Atheeb on Sunday

Logo of Etihad Atheeb Telecommunication Co.

The Saudi Stock Exchange Co. (Tadawul) announced the lifting of suspension on trading the shares of Etihad Atheeb Telecommunication Co. from Sunday, Feb. 14, 2021.

The decision came after the company published its financial statements for the period ending on Dec. 31, 2020, along with the auditor’s report.

The telco announced earlier today that its 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.

GO posted SAR 102.6 million profit for the nine-month period ended Dec. 31, 2020, against SAR 62.5 million loss in the prior-year period. Q3 2020 profit amounted to SAR 126.85 million.

The stock has been suspended from trading since July 1, 2018, due to the company’s failure to post the annual financial statements ending March 31, 2018. The last closing price was SAR 11.06 on June 28, 2018.

In February, the telecom company 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.