Etihad GO Telecom Co. — Interim / Quarterly Report 2021

Feb 10, 2021

Etihad Atheeb Telecommunication Co. (GO) announces its Interim Financial Results for the Period Ending on 31-12-2020 ( Nine Months )

7040 · 10/02/2021 16:58:13 · Announcement #61905 · View on Saudi Exchange

Etihad Atheeb Telecommunication Co. (GO) announces its Interim Financial Results for the Period Ending on 31-12-2020 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	67.18	77.28	-13.069	67.77	-0.87
Gross Profit (Loss)	38.73	50.91	-23.924	40.54	-4.464
Operational Profit (Loss)	97.28	-4.84	-	-8.82	-
Net Profit (Loss) after Zakat and Tax	126.85	-9.8	-	-12.03	-
Total Comprehensive Income	126.85	-9.8	-	-12.03	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	207.98	261.22	-20.381
Gross Profit (Loss)	119.15	132.81	-10.285
Operational Profit (Loss)	79.79	-46.16	-
Net Profit (Loss) after Zakat and Tax	102.55	-62.49	-
Total Comprehensive Income	102.55	-62.49	-
Total Share Holders Equity (after Deducting Minority Equity)	253.29	159.75	58.553
Profit (Loss) per Share	4.49	-2.73
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The decrease in net loss and generating net profit is due to the increase in other income and financing income, in addition to the decrease in depreciation and amortization expenses, and general and administrative expenses. Despite the decrease in revenue and increase in the cost of sales.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The decrease in net loss and generating net profit is due to an increase in the other income and financing income, in addition to the decrease in the general and administrative expenses, and the allowance for impairment in trade receivables. Despite the increase in the cost of sales and the depreciation and amortization expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The decrease in net loss and generating net profit is due to the increase in other income and financing income, in addition to the decrease in the general and administrative expenses, depreciation and amortization expenses, allowance for impairment in trade receivables, selling and marketing expenses, and the cost of sales. Despite the decrease in revenue.
Statement of the type of external auditor's report	Qualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Report is attached
Reclassification of Comparison Items	The financial statements of the current quarter have been prepared in accordance with the International Financial Reporting Standards adopted in the Kingdom of Saudi Arabia and Other accredited by the Saudi Organization for Certified Public Accountants. The financial statements for the comparative quarter have been represented, reclassified, and categorized in accordance with the accounting policies applied in the presentation, classification, and classification of the financial statements for the current quarter.
Additional Information	Shareholders’ Equity

The accumulated losses reversed from SAR 102.09 m which represents 44.67% of the Company’s share capital at the end of Quarter 2 ended 30th September 2020 to an accumulated profit of SAR 24.76 million which represents 10.83% of the Company’s share capital as of 31 December 2020. as a result of the settlement with the major vendor and generating financing income from discounting of the long term trade payables. In addition to the decrease in the operating expenses and cost of services.

The other income reached SAR 101.1 million as a result of the settlement with a major vendor and the financing income reached SAR 35.9 million as a result of discounting of the long term trade payables.Attached Documents  

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