Etihad Atheeb narrows losses to SAR 37.4 mln in FY 2021/22; Q4 at SAR 8.2 mln

01/06/2022 Argaam Exclusive

Etihad Atheeb Telecommunication Co. (GO) narrowed its net loss after Zakat and tax to SAR 37.4 million for the fiscal year ended March 31, 2022, from SAR 38.3 million in the year-earlier period.



Financials (M)

Item 2020 2021 Change‬
Revenues 282.10 378.55 34.2 %
Gross Income 141.03 91.84 (34.9 %)
Operating Income (41.35) (44.85) (8.5 %)
Net Income (38.26) (37.40) 2.2 %
Average Shares 29.62 29.62 -
EPS (Riyals) (1.29) (1.26) 2.2 %

The company cited a decrease in allowances for impairment in trade receivables and fixed assets and a fall in Zakat expenses as reasons for lower losses.

 

However, cost of services, selling and marketing expenses, general and administrative costs, as well as financial expenses increased.

 

The telco’s Q4 2021/22 net loss narrowed 94.1% year-on-year (YoY) to SAR 8.2 million.

 

Sequentially, net loss widened from SAR 7.37 million in Q3 2021/22.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 74.12 120.23 62.2 %
Gross Income 21.88 31.57 44.3 %
Operating Income (19.83) (3.70) 81.3 %
Net Income (140.81) (8.24) 94.1 %
Average Shares 29.62 29.62 -
EPS (Riyals) (4.75) (0.28) 94.1 %

Total shareholders’ equity, excluding minority interest, fell 33.8% YoY to SAR 74 million as of March 31, 2022, from SAR 111.74 million a year ago.

 

Accumulated losses amounted to SAR 16 million as of March 31, 2022, representing 17.78% of the company's capital.

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Share Price

Etihad Atheeb Telecommunication Co.
112.60
(2.40) (2.09 %)

Etihad Atheeb Telecommunication Co. (ATHEEB TELECOM)

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Financial Ratios
Current
Market Cap (M Riyal) 3,827.27
Enterprise Value (EV) (M) 3,361.98
Shares Outstanding ((M)) 33.99
EPS ( Riyal) (TTM) 5.87
Book Value (BV) ( Riyal) 19.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.32
P/E (TTM) 19.18
Price/book 5.85
Return on Average Assets (%) (TTM) 16.6
Return on Average Equity (%) (TTM) 45.8
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 68.58 13.8 % 11.02 3321.4 % (77.36) 13.6 %
Q2 2012 67.84 16.2 % 12.71 250.9 % (78.19) (0.5 %)
Q3 2012 69.65 13.6 % 12.68 0.7 % (82.47) (11.4 %)
Q4 2012 60.43 (9.7 %) 13.41 (31.9 %) (35.11) 42.5 %
Q1 2013 58.09 (15.3 %) 9.96 (9.6 %) (67.85) 12.3 %
Q2 2013 54.99 (18.9 %) 10.47 (17.6 %) (60.12) 23.1 %
Q3 2013 63.76 (8.5 %) 7.89 (37.8 %) (67.24) 18.5 %
Q4 2013 57.70 (4.5 %) 4.12 (69.3 %) (73.86) (110.4 %)
Q1 2014 61.99 6.7 % 6.16 (38.2 %) (69.97) (3.1 %)
Q2 2014 51.21 (6.9 %) 4.24 (59.5 %) (78.43) (30.5 %)
Q3 2014 60.48 (5.1 %) 8.79 11.5 % (80.18) (19.2 %)
Q4 2014 73.43 27.3 % 10.01 143.2 % (63.99) 13.4 %
Q1 2015 83.33 34.4 % 9.71 57.7 % (72.05) (3.0 %)
Q2 2015 76.05 48.5 % 9.17 116.4 % (71.51) 8.8 %
Q3 2015 86.75 43.4 % 4.49 (48.9 %) (74.99) 6.5 %
Q4 2015 96.90 32.0 % 8.81 (12.1 %) (70.92) (10.8 %)
Q1 2016 89.99 8.0 % 8.84 (8.9 %) (62.19) 13.7 %
Q2 2016 86.30 13.5 % 12.19 32.9 % (59.51) 16.8 %
Q3 2016 116.36 34.1 % 27.85 519.8 % (53.20) 29.1 %
Q4 2016 129.10 33.2 % 29.74 237.7 % (47.83) 32.6 %
Q1 2017 136.03 51.2 % 25.08 183.5 % (51.26) 17.6 %
Q2 2017 126.45 46.5 % 22.71 86.3 % (41.44) 30.4 %
Q3 2017 110.79 (4.8 %) 17.08 (38.7 %) (43.32) 18.6 %
Q4 2017 106.56 (17.5 %) 26.07 (12.3 %) (62.20) (30.0 %)
Q1 2018 104.67 (23.1 %) 32.43 29.3 % (32.91) 35.8 %
Q2 2018 108.81 (14.0 %) 30.68 35.1 % (25.02) 39.6 %
Q3 2018 103.92 (6.2 %) 40.24 135.6 % (12.38) 71.4 %
Q4 2018 103.70 (2.7 %) 32.04 22.9 % (5.07) 91.8 %
Q1 2019 97.10 (7.2 %) 39.68 22.3 % (25.95) 21.2 %
Q2 2019 86.84 (20.2 %) 42.23 37.6 % (18.60) 25.6 %
Q3 2019 77.28 (25.6 %) 50.91 26.5 % (4.84) 60.9 %
Q4 2019 78.39 (24.4 %) 54.81 71.1 % (4.46) 12.0 %
Q1 2020 73.03 (24.8 %) 39.87 0.5 % (8.67) 66.6 %
Q2 2020 67.77 (22.0 %) 40.54 (4.0 %) (8.87) 52.3 %
Q3 2020 67.18 (13.1 %) 38.73 (23.9 %) (3.99) 17.7 %
Q4 2020 74.12 (5.4 %) 21.88 (60.1 %) (19.83) (344.5 %)
Q1 2021 74.97 2.7 % 20.19 (49.4 %) (7.59) 12.4 %
Q2 2021 80.85 19.3 % 14.17 (65.1 %) (26.83) (202.4 %)
Q3 2021 102.51 52.6 % 25.91 (33.1 %) (6.73) (68.7 %)
Q4 2021 120.23 62.2 % 31.57 44.3 % (3.70) 81.3 %
2021 378.55 34.2 % 91.84 (34.9 %) (44.85) (8.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 (79.42) 19.6 % (2.68) - (79.42) (2.68)
Q2 2012 (78.91) 7.6 % (2.66) - (78.91) (2.66)
Q3 2012 (84.41) (141.0 %) (2.85) - (84.41) (2.85)
Q4 2012 (36.35) 46.7 % (1.23) - (36.35) (1.23)
Q1 2013 (68.97) 13.2 % (2.33) - (68.97) (2.33)
Q2 2013 (43.25) 45.2 % (1.46) 18.53 (61.78) (2.09)
Q3 2013 (67.60) 19.9 % (2.28) - (67.60) (2.28)
Q4 2013 (69.46) (91.1 %) (2.34) - (69.46) (2.34)
Q1 2014 60.43 187.6 % 2.04 130.40 (69.97) (2.36)
Q2 2014 (35.28) 18.4 % (1.19) 32.10 (67.38) (2.27)
Q3 2014 (47.67) 29.5 % (1.61) 31.50 (79.17) (2.67)
Q4 2014 (33.73) 51.4 % (1.14) 46.94 (80.67) (2.72)
Q1 2015 (40.16) (166.4 %) (1.36) 33.12 (73.28) (2.47)
Q2 2015 3.57 110.1 % 0.12 76.25 (72.68) (2.45)
Q3 2015 (48.87) (2.5 %) (1.65) 27.25 (76.12) (2.57)
Q4 2015 (62.64) (85.7 %) (2.11) 9.25 (71.89) (2.43)
Q1 2016 (58.11) (44.7 %) (1.96) 7.17 (65.27) (2.20)
Q2 2016 15.36 329.8 % 0.52 77.77 (62.42) (2.11)
Q3 2016 (55.99) (14.6 %) (1.89) 2.00 (57.99) (1.96)
Q4 2016 (26.53) 57.6 % (0.90) 24.00 (50.53) (1.71)
Q1 2017 55.42 195.4 % 1.87 97.92 (42.50) (1.43)
Q2 2017 (29.81) (294.1 %) (1.01) - (29.81) (1.01)
Q3 2017 (32.90) 41.2 % (1.11) - (32.90) (1.11)
Q4 2017 (32.97) (24.3 %) (1.11) - (32.97) (1.11)
Q1 2018 (21.87) (139.5 %) (0.74) - (21.87) (0.74)
Q2 2018 (13.67) 54.2 % (0.46) - (13.67) (0.46)
Q3 2018 (12.71) 61.4 % (0.43) - (12.71) (0.43)
Q4 2018 (5.05) 84.7 % (0.17) - (5.05) (0.17)
Q1 2019 (31.86) (45.7 %) (1.08) - (31.86) (1.08)
Q2 2019 (20.83) (52.4 %) (0.70) - (20.83) (0.70)
Q3 2019 (9.80) 22.9 % (0.33) - (9.80) (0.33)
Q4 2019 (9.12) (80.7 %) (0.31) - (9.12) (0.31)
Q1 2020 (12.27) 61.5 % (0.41) - (12.27) (0.41)
Q2 2020 (12.03) 42.2 % (0.41) - (12.03) (0.41)
Q3 2020 126.85 1394.2 % 4.28 136.99 (10.15) (0.34)
Q4 2020 (140.81) (1,444.1 %) (4.75) (93.37) (47.44) (1.60)
Q1 2021 (12.11) 1.2 % (0.41) - (12.11) (0.41)
Q2 2021 (9.67) 19.6 % (0.33) - (9.67) (0.33)
Q3 2021 (7.37) (105.8 %) (0.25) - (7.37) (0.25)
Q4 2021 (8.24) 94.1 % (0.28) - (8.24) (0.28)
2021 (37.40) 2.2 % (1.26) - (37.40) (1.26)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 18.38 % (31.27 %) (123.40 %)
Q2 2012 21.16 % (30.03 %) (116.55 %)
Q3 2012 20.55 % (29.94 %) (113.92 %)
Q4 2012 18.69 % (31.24 %) (104.73 %)
Q1 2013 19.05 % (31.39 %) (104.93 %)
Q2 2013 19.13 % (28.40 %) (103.43 %)
Q3 2013 17.59 % (25.77 %) (98.92 %)
Q4 2013 13.83 % (28.77 %) (114.18 %)
Q1 2014 12.01 % (28.98 %) (112.74 %)
Q2 2014 9.55 % (36.85 %) (116.94 %)
Q3 2014 10.07 % (43.48 %) (123.60 %)
Q4 2014 11.82 % (38.11 %) (120.27 %)
Q1 2015 12.20 % (37.20 %) (111.94 %)
Q2 2015 12.85 % (33.11 %) (104.27 %)
Q3 2015 10.45 % (29.51 %) (94.74 %)
Q4 2015 9.38 % (29.50 %) (85.70 %)
Q1 2016 8.96 % (28.58 %) (81.77 %)
Q2 2016 9.54 % (26.71 %) (76.60 %)
Q3 2016 14.81 % (21.09 %) (66.12 %)
Q4 2016 18.64 % (19.19 %) (56.01 %)
Q1 2017 20.28 % (17.87 %) (45.63 %)
Q2 2017 20.75 % (16.14 %) (35.60 %)
Q3 2017 18.83 % (17.80 %) (31.00 %)
Q4 2017 18.95 % (22.34 %) (28.80 %)
Q1 2018 21.92 % (21.11 %) (26.21 %)
Q2 2018 24.66 % (19.04 %) (23.54 %)
Q3 2018 30.53 % (12.81 %) (19.16 %)
Q4 2018 32.15 % (3.28 %) (12.66 %)
Q1 2019 34.49 % 1.25 % (15.30 %)
Q2 2019 39.38 % 6.04 % (17.99 %)
Q3 2019 45.17 % 11.87 % (18.51 %)
Q4 2019 55.25 % 20.23 % (21.09 %)
Q1 2020 59.52 % 25.59 % (16.48 %)
Q2 2020 62.78 % 28.79 % (14.58 %)
Q3 2020 60.74 % 28.69 % (15.21 %)
Q4 2020 49.99 % 20.67 % (29.03 %)
Q1 2021 42.72 % 18.51 % (28.77 %)
Q2 2021 31.96 % 9.35 % (26.71 %)
Q3 2021 24.71 % 4.99 % (23.04 %)
Q4 2021 24.26 % 5.85 % (9.88 %)
2021 24.26 % 5.85 % (9.88 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 29.62 (0.91) (10.63) 36.96
Q2 2012 29.62 (0.70) (10.41) 34.30
Q3 2012 29.62 (10.50) (10.50) 31.45
Q4 2012 29.62 (9.42) (9.42) 31.60
Q1 2013 29.62 (9.07) (9.07) 29.27
Q2 2013 29.62 (7.86) (8.49) 27.81
Q3 2013 29.62 (7.30) (7.92) 25.53
Q4 2013 29.62 (8.41) (9.04) 23.18
Q1 2014 29.62 (4.05) (9.07) 25.22
Q2 2014 29.62 (3.78) (9.26) 24.03
Q3 2014 29.62 (3.10) (9.65) 22.42
Q4 2014 29.62 (1.90) (10.03) 21.27
Q1 2015 29.62 (5.29) (10.14) 19.91
Q2 2015 29.62 (3.98) (10.32) 20.01
Q3 2015 29.62 (4.02) (10.22) 18.35
Q4 2015 29.62 (5.00) (9.92) 16.19
Q1 2016 29.62 (5.61) (9.65) 13.09
Q2 2016 29.62 (5.21) (9.31) 13.61
Q3 2016 29.62 (5.45) (8.69) 11.72
Q4 2016 29.62 (4.23) (7.97) 10.82
Q1 2017 29.62 (0.40) (7.20) 12.69
Q2 2017 29.62 (1.92) (6.10) 11.69
Q3 2017 29.62 (1.14) (5.26) 10.58
Q4 2017 29.62 (1.36) (4.66) 9.59
Q1 2018 29.62 (3.97) (3.97) 8.53
Q2 2018 29.62 (3.42) (3.42) 8.07
Q3 2018 29.62 (2.74) (2.74) 7.64
Q4 2018 29.62 (1.80) (1.80) 7.50
Q1 2019 29.62 (2.14) (2.14) 6.43
Q2 2019 29.62 (2.38) (2.38) 5.72
Q3 2019 29.62 (2.28) (2.28) 5.39
Q4 2019 29.62 (2.42) (2.42) 5.09
Q1 2020 29.62 (1.76) (1.76) 4.67
Q2 2020 29.62 (1.46) (1.46) 4.27
Q3 2020 29.62 3.15 (1.47) 8.55
Q4 2020 29.62 (1.29) (2.76) 3.77
Q1 2021 29.62 (1.29) (2.76) 3.36
Q2 2021 29.62 (1.21) (2.68) 3.04
Q3 2021 29.62 (5.74) (2.59) 2.79
Q4 2021 29.62 (1.26) (1.26) 2.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 NEG NEG 3.58
Q2 2012 NEG NEG 2.50
Q3 2012 NEG NEG 2.60
Q4 2012 NEG NEG 2.46
Q1 2013 NEG NEG 2.59
Q2 2013 NEG NEG 3.43
Q3 2013 NEG NEG 3.38
Q4 2013 NEG NEG 3.78
Q1 2014 NEG NEG 4.11
Q2 2014 NEG NEG 3.27
Q3 2014 NEG NEG 3.04
Q4 2014 NEG NEG 1.93
Q1 2015 NEG NEG 1.96
Q2 2015 NEG NEG 2.00
Q3 2015 NEG NEG 1.74
Q4 2015 NEG NEG 2.05
Q1 2016 NEG NEG 1.86
Q2 2016 NEG NEG 1.75
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 1.66
Q1 2017 NEG NEG 1.93
Q2 2017 NEG NEG 1.75
Q3 2017 NEG NEG 1.83
Q4 2017 NEG NEG 1.86
Q1 2018 NEG NEG 1.31
Q2 2018 NEG NEG 1.21
Q3 2018 NEG NEG 1.28
Q4 2018 NEG NEG 1.30
Q1 2019 NEG NEG 1.52
Q2 2019 NEG NEG 1.71
Q3 2019 NEG NEG 1.81
Q4 2019 NEG NEG 1.92
Q1 2020 NEG NEG 2.09
Q2 2020 NEG NEG 2.29
Q3 2020 3.10 NEG 1.14
Q4 2020 NEG NEG 2.59
Q1 2021 NEG NEG 10.24
Q2 2021 NEG NEG 10.73
Q3 2021 NEG NEG 10.25
Q4 2021 NEG NEG 10.41

Business Segments (Million)

Compared With The
Period Data sector Voice services
Q3 2013 41.86 21.89
Q4 2013 40.03 17.68
Q1 2014 38.61 23.37
Q2 2014 36.49 14.72
Q3 2014 34.52 25.96
Q4 2014 36.03 37.40
Q1 2015 36.92 46.41
Q2 2015 35.85 40.21
Q3 2015 39.98 46.77
Q4 2015 43.21 53.69
Q1 2016 48.58 41.41
Q2 2016 52.30 34.00
Q3 2016 73.28 43.08
Q4 2016 89.70 39.40
Q1 2017 90.22 45.80
Q2 2017 83.70 42.76
Q3 2017 81.62 29.17
Q4 2017 83.18 23.38
Q1 2018 85.02 19.64
Q2 2018 88.39 20.42
Q3 2018 84.41 19.50
Q4 2018 84.24 19.46
Q1 2019 91.28 5.81
Q2 2019 81.64 5.20
Q3 2019 72.66 4.63
Q4 2019 57.61 20.77
Q1 2020 53.68 19.35
Q2 2020 65.88 1.88
Q3 2020 59.12 8.06
Q4 2020 70.50 3.62
Q1 2021 66.19 8.78
Q2 2021 69.02 11.83
Q3 2021 77.22 25.29
Q4 2021 88.03 32.20

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