Etihad Atheeb Telecom turned a profit in the third quarter of the company’s fiscal year ending December 31, 2022, by approximately 7.99 million rials compared to a loss in the corresponding quarter of the company’s previous fiscal year.
And the company said in a statement to Tadawul Saudi Arabia today, Sunday, that the reason for the decline in net loss and net profit in the third quarter of the current fiscal year on an annualized basis. to an increase in revenue and a decrease in impairment charges for trade receivables and general and administrative expenses, as well as finance costs, despite an increase in service and selling and marketing costs and a decrease in other income.
On a quarterly basis, Atheeb Telecom’s net profit increased by 20.5% compared to a net profit of about 6.63 million rials in the third quarter of the company’s current financial year.
Atheeb Communications became profitable in the first nine months of 2022 by about 12.96 million rials, compared to a loss of about 29.16 million rials in the same period of the previous financial year.
The company recorded accumulated losses of about 3.04 million rials at the end of December last year, equivalent to 3.38% of capital of 90 million rials. The company’s current liabilities also exceeded its current assets by 207 million rials as of that date.
Atheeb Telecom stated that these events or circumstances indicate the existence of a material uncertainty that may cast serious doubt on the company’s ability to continue as a going concern and our conclusion is unchanged in this regard.
She added that she had completed the necessary procedures in relation to the comments of the Commission on Communications, Space and Technology regarding the first stage of network deployment commitments, in addition to fulfilling her network deployment commitments from the second stage by 100% towards licensing the use of frequencies in the 3.5 band GHz, covering 30% of the cities covered by the commitments. A response from the Authority is still pending to accept the company’s compliance with these commitments.
