Etihad Atheeb Telecommunications Company (GO Go) turned profitable during the first quarter ending on June 30, 2023, compared to net losses for the same quarter of last year.
According to the company's financial statements, issued on the Tadawul website today, Sunday, the net profit amounted to 52.6 million riyals after zakat and tax, compared to losses amounting to 1.67 million riyals.
The company explained that the profits are due to the increase in revenues, the achievement of financing revenues, the decrease in selling and marketing expenses, and the decrease in impairment losses in trade receivables, despite the increase in the cost of services, general and administrative expenses, and the decrease in other revenues.
It is noteworthy that the company turned profitable during the year ending in March 2023, with net profit after zakat and tax amounting to about 42.47 million riyals, compared to a loss of 37.4 million riyals in 2022.
The company's fiscal year ends at the end of March of the calendar year.
