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Wednesday, Sep 28, 2022

Shares of Saudi telecom firm Etihad Atheeb rise after it narrows losses by 86% 

Shares of Saudi telecom firm Etihad Atheeb rise after it narrows losses by 86% 

Shares of Etihad Atheeb Telecommunication Co. finished 0.11 percent higher, after it managed to narrow down its losses by 86 percent in the second quarter of 2022, helped by a spike in sales.
The telecom firm’s shares reached SR45.25 at the closing of Tuesday’s session.

Better known as Go, the telecom firm brought down its losses to SR1.67 million ($444,669) from SR12.11 million reported in the prior-year period, according to a bourse filing.

Its improved results were accompanied by an 87 percent boost in revenue to SR140 million, up from SR75 million in the previous year.

The results were driven by the decrease in allowance for impairment in trade receivables, allowance for impairment in fixed assets, and Zakat expense, it said.

The firm reported that its accumulated losses reached SR17.7 million at the end of the quarter, representing 20 percent of its share capital.
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