Riyadh, Saudi Arabia — Etihad Atheeb Telecommunication Co. recorded a net profit of SAR 176.5 million ($47 million) in the nine-month period ended on 31 Dec 2023, compared with SAR 13 million in the year-ago period.
The profit growth was boosted by higher revenues from the individual, business, and wholesale segments compared with the year-earlier period, Argaam reported.
This was also due to an increase in other income, as well as lower selling and marketing expenses. In addition, allowance for impairment in trade receivables and finance charges (FCs) declined during the same period, Argaam reported.
The company’s net profit for the third quarter was SAR 76.1 million, compared with SAR 8 million a year ago, due to higher revenues, increased other income, as well as lower selling and marketing expenses.
This was despite an increase in the cost of services, general & administrative expenses, FCs, and the allowance for impairment in trade receivables.
On a quarterly basis, the telecom operator’s third quarter leapt from SAR 47.9 million in Q2 2023/24.
Shareholders’ equity, no minority interest, at the end of the nine-month period amounted to SAR 292.62 million, compared to SAR 86.96 million a year earlier.
