Atheeb Telecom becomes profitable of 6.6 million riyals in the second quarter

Etihad Atheeb Communications Company “GO” reported a profit of approximately 6.6 million riyals in the second quarter of the company’s financial year ended September 30, 2022, compared to losses of approximately 9.67 million riyals in the same quarter of the year. ‘previous fiscal year of the company, and losses of approximately 1.67 million riyals in the previous quarter of the year in course.

Atheeb Telecom said today, Wednesday, in a statement to Saudi Tadawul, that the reason for the shift to profitability on an annual basis is due to the increase in revenues and the decrease in expenses for trade receivables write-downs, general and administrative expenses and financing expenses, despite the high cost of services, sales, marketing and other revenues decreased.

Atheeb Telecom made a profit of approximately 4.97 million riyals in the first half of the year ended last September, against a net loss of approximately 21.8 million riyals in the same fiscal period of the previous year.

The company recorded accumulated losses of approximately 11.04 million riyals, or 12.26% of the capital of 90 million riyals, and the company’s current liabilities exceeded its current assets by 226.79 million riyals.

On October 13, 2022, the Board of Directors resolved, approving, to modify the recommendation to increase the capital of the extraordinary general meeting by issuing rights from 350 million riyals to 250 million riyals.

Read More About: Business News