GO Telecom’s net profit up to SAR60.43m in 1Q14

22 Jul 2014

Saudi Arabian fixed line and broadband operator Etihad Athleeb Telecom (GO Telecom) has published its financial results for the three months ended 30 June 2014 (Q1 2014), announcing a net profit of SAR60.43 million (USD16.11 million), up from a reported net loss of SAR68.97 million in the corresponding period of 2013; the telco said the improvement was due to the sale of property with a book value of SAR60 million, giving Atheeb a gain of SAR94 million(SAR63.4 million reflected in this quarter, with the remainder deferred). According to a company press release, GO’s gross profit decreased by 38.15% year-on-year to SAR6.16 million from SAR9.96 million in 1Q13; however, the figure represents a 58.35% improvement on the SAR3.89 million gross profit reported at end-March 2014. Further, GO’s revenues increased by 6.7% (or SAR3.89 million) year-on-year from SAR58.09 million to SAR61.99 million in the period under review, mainly due to an 82.2% annual increase in interconnection revenues, which reached SAR21.66 million, up from the SAR11.89 million reported in 1Q13. GO Telecom highlighted that revenues generated by its business sector operations reached SAR18.61 million, up 65.8% y-o-y from SAR11.22 million in the twelve months to end-June 2013.

Saudi Arabia, Etihad Atheeb (GO Telecom)