Etihad Atheeb Communications Company (GO) incurred losses during the third quarter of its fiscal year ending on December 31, 2021, amounting to 7.4 million riyals after zakat and tax, compared to profits of 127 million riyals during the same quarter last year.
According to the economic newspaper, the company's operating loss during the third quarter amounted to 2.2 million riyals, compared to a profit of 97 million riyals during the same period of the previous year.
The total profit during the current quarter amounted to 48 million riyals, compared to 39 million riyals during the same period of the previous year, an increase of 23%.
The net loss during the current period amounted to 29 million riyals, compared to a profit of 103 million riyals during the same period of the previous year.
The loss per share during the current period amounted to 1.28 riyals, compared to a profit of 4.49 riyals during the same period of the previous year.
The reason (the decrease) in the net profit during the current quarter compared to the same quarter of the previous year is due to the decrease in other revenues (since a settlement was signed with a major supplier During the same quarter of the previous year, it resulted in other non-recurring revenues amounting to 101 million riyals in addition to 35.86 million riyals as financing income), an increase in the cost of services, general and administrative expenses, selling and marketing expenses, and impairment losses in trade receivables and financing expenses, despite the increase Revenues and decrease in depreciation and amortization expenses and zakat provision.
The reason for the (decrease) in net profit during the current quarter compared to the previous quarter is the increase in revenues and the decrease in impairment losses in trade receivables, general and administrative expenses, and selling and marketing expenses. and depreciation, amortization and financing expenses despite the increase in the cost of services and the decrease in other revenues.
