The preliminary financial results of Etihad Atheeb Telecommunications Company (GO) revealed that its net profits declined during the first quarter of 2024, ending in June 2024, by 11.16% on an annual basis, while it jumped on a quarterly basis by about 157.75%.
The company explained, according to a statement issued today, Sunday, on the Saudi Stock Exchange, that the net profit after zakat and tax amounted to about 46.73 million riyals, compared to 52.6 million riyals in the comparative quarter of last year, while it amounted to about 18.13 million riyals in the last quarter of last year.
The company attributed the decline in net profit, which includes recording non-recurring financing revenues during the same quarter of the previous year amounting to 21.7 million riyals, to the settlement the company made with the Communications, Technology and Space Commission.
The company's operating profit increased by 44% despite the increase in the cost of services, general and administrative expenses, impairment losses in trade receivables, zakat expense, income tax, higher revenues, and lower selling and marketing expenses.
The company also distributed some costs, expenses and annual allocations and recorded them on a quarterly basis instead of recording them at the end of the year once as a provision for zakat, income tax and annual bonuses for employees.
