Etihad Atheeb Telecommunications Company (GO) achieved a remarkable increase in net profits during the fiscal year ending on March 31, 2024, by 358.39% on an annual basis.
According to the company's financial data, issued on the Tadawul website, today, Sunday, net profit jumped to 194.68 million riyals, compared to 42.47 million riyals in the last fiscal year ending on March 31, 2023.
Atheeb Telecom’s revenues increased by 61.2% to SAR 1.016 billion during the fiscal year ending March 31, 2024, compared to SAR 630.34 million in the previous fiscal year.
The company attributed the growth in profits to the increase in revenues and other revenues, the decrease in selling and marketing expenses and the achievement of financing revenues, despite the increase in the cost of services, general and administrative expenses, and impairment losses in trade receivables and the zakat provision.
