The losses of Etihad Atheeb Telecom Company, Atheeb Telecom, decreased by 19.6% to reach 9.67 million riyals in the second quarter of the company’s financial year, compared to losses of about 12.03 million riyals in the same quarter of the previous fiscal year.
According to Arab Net, Atheeb Telecom's losses decreased by 20.15% in the second quarter of the company's fiscal year, compared to losses of about 12.11 million riyals in the first quarter of the company's fiscal year. .
In a statement on the Saudi Tadawul, Atheeb Telecom said today, Tuesday, that the decrease in net loss in the second quarter on an annual basis is due to the increase in revenues and other revenues and the decrease in consumption expenses. and amortization, despite an increase in the cost of services, selling and marketing expenses and impairment losses in trade receivables, general and administrative expenses and financing expenses.
Atheeb Telecom's losses decreased by 10.3% in the first half of the company's fiscal year to 21.79 million riyals, compared to losses of about 24.3 million riyals in the same period of the company's fiscal year. .
The company recorded accumulated losses of about 138.58 million riyals at the end of September 2021, equivalent to 60.64% of its capital of 228.5 million riyals.
The company's fiscal year begins in early April of each year, and ends at the end of March of the following year.
