Etihad Atheeb turns to SAR 29.2 mln loss in 9M FY2021/22; Q3 loss hits SAR 7.4 mln

Etihad Atheeb Telecommunication Co. (GO) turned to a net loss after Zakat and tax of SAR 29.2 million in the nine-month period ending on Dec. 31, 2021, from a net profit of SAR 102.6 million in the year-ago period.

The company attributed the loss to higher cost of services, general and administrative expenses, financial charges, selling and marketing expenses, and allowance for impairment in trade receivables.  

GO also cited lower other income, including a settlement signed with a major vendor in the similar period of last year that resulted in recognizing non-recurring other income of SAR 101 million, in addition to SAR 35.86 million finance income.  

This was despite an increase in revenue and lower depreciation & amortization expenses and Zakat. 

GO swung to a net loss of SAR 7.4 million in the third quarter, against a net profit of SAR 126.8 million a year earlier, due to lower other income.   

On a quarterly basis, the telecom operator narrowed its net loss by 23.8% in Q3 FY2021/22, backed by higher revenue.  

Shareholders' equity, excluding minority interest, at the end of the nine-month period amounted to SAR 82.6 million, compared to SAR 253.3 million a year earlier. 

Accumulated losses amounted to SAR 145.95 million at the end of the current period, constituting 63.9% of the telco’s capital. 

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