Atheeb Telecom achieves annual profits of 42 million riyals

The accumulated losses have been amortized

Published in: Jun 04, 2023: 09:40 AM GST
Last updated: Jun 04, 2023: 12:56 PM GST

Inc. announced Go Telecom (Etihad Atheeb) Saudi Arabia achieved unprecedented annual net profits, by the end of the fiscal year ending in March 2023, amounting to 42 million riyals, compared to losses estimated at 37.7 million riyals.

The company stated that as a result of continuing to implement the transformation strategy, the company’s financial and operational performance continued to improve, transform into profitability, extinguish accumulated losses, and achieve retained profits.

The company’s financial results revealed that revenues amounted to 630.3 million riyals, a growth rate of 67%, and total profits amounted to 182.7 million riyals, an increase of 99%.

Go Telecom achieved an annual operating profit of 58 million riyals.

Go Telecom clarified that achieving profits was supported by the growth of revenues in general, and in particular the revenues of the business sector, as the company announced during the last period that it had signed a package of important contracts with various government sectors, which helped increase the revenues of this sector.

“The company is continuing its journey towards achieving the objectives of the transformation strategy,” said Dr. Issa bin Yaslam Ba’isa, Chairman of the Board of Directors of Go Telecom.

It is noteworthy that the company’s board of directors approved an increase in the company’s capital by an amount of 250 million riyals in order to move forward in implementing the goals of the transformation strategy and financing its projects. The company also announced the appointment of Alinma Investment as the underwriting manager and underwriter to cover the offering. The company expects that the capital increase will reflect positively on shareholders’ rights and the company’s performance.

It is noteworthy that Go Telecom has launched its new identity; In line with the company’s transformation strategy aimed at enhancing its competitive capabilities, raising its market share, moving to a new stage on the operational scale, and keeping pace with developments in the communications and information technology sector.

2023-06-04 05:40:00

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