GO Telecom’s revenue down 2% in 9M14

22 Jan 2015

Saudi Arabian fixed line and broadband operator Etihad Athleeb Telecom (GO Telecom) has published its financial results for the nine months ended 31 December 2014 (9M 2014), announcing a net loss of SAR22.52 million (USD6 million), up from a reported net loss of SAR179.82million in the corresponding period of 2013; the telco said the improvement was due to a SAR117 million marketing agreement signed with domestic operator Saudi Telecom Company (STC) and rise in profits from the sale of international call cards. GO’s gross profit however decreased by 32.2% year-on-year to SAR19.19 million, down from SAR28.31 million in 9M13, while operating loss was down by 29.4% to SAR228.58 million.

Meanwhile, GO’s revenues declined by 2% year-on-year to SAR13.7 million in 9M 2014, mainly due to a decline in broadband service revenues which was partly offset by 39% increase y-o-y in retail service revenues. Business sector revenues increased by 42% to SAR17.2 million in the nine months to end-December 2014, while interconnection revenues reached SAR15.9million, up 37.1% y-o-y.

Saudi Arabia, Etihad Atheeb (GO Telecom)