“Atheeb Union” in Al Arabiya: applying for a unified license requires access to a solid financial position

Yahya bin Saleh Al Mansour, CEO of Etihad Atheeb Telecom Company, said the company is undergoing a transformation phase and is looking to focus during the current period on increasing revenues and therefore reducing losses.

Speaking with Al Arabiya, he added that the company’s goal is currently to increase operational efficiency and increase revenues, expecting improved results of business during the next two quarters.

The company’s losses decreased by 1.3% in the first quarter of the company’s financial year ended June 30, 2021, to 12.11 million riyals, compared to losses of 12.27 million riyals in the first quarter of the year. previous fiscal year.

The company’s losses decreased 91.4% in the first quarter of the fiscal year in course, compared to losses of approximately 140.8 million riyals in the fourth quarter of the previous fiscal year.

Regarding the company’s failure to apply for the unified telecommunications license, Al Mansour said that this project is large and requires a huge investment, and the timing to apply for this license depends on achieving a solid financial position, good flows of checkout, control of services and sales channels, in addition to the presence of investors and the financial efficiency that is reflected in the company.

He continued: “I believe a good financial position is needed to apply for the unified license.”

He explained that the company has a plan to reduce and raise capital, which gives it the opportunity to have the financial strength to invest in all the projects it aims at.

He claimed that the company is in a transformative phase that takes one to two years to return to a position of strength.

He pointed out that the company has reduced his record, noting that the reduction faces some minor problems.

He explained that the company at this stage has no problems with banks regarding debt relief, especially after the stock returned. in circulation and the agreement with Bank Al-Jazira to supervise as a financial advisor to raise and reduce the money.

He stressed that the company’s position will be better within a year from now and we will achieve a better position than investors expect.

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