Etihad Atheeb recognizes SAR 101.3 mln revenue on signing settlement pact with major supplier

Etihad Atheeb Telecommunication Co. (GO) logo

Etihad Atheeb Telecommunication Co. (GO) said that an agreement signed with one of the main suppliers to settle all balances and debts resulted in a positive initial financial impact of recording revenue of SAR 101.3 million.

The impact is based on the unaudited initial financial results as of Dec. 31, 2020, the company said in a bourse statement today, Feb. 7, 2021.

GO will announce the financial impact later after reviewing Q3 FY2020/21 results.

Last week, the telecom company signed an agreement with one of the main suppliers to settle all balances and debts since the beginning of the dealings between the two parties until Dec. 31, 2020.

The net balance until Dec. 31, 2020, amounted to SAR 370 million in favor of the main supplier, according to data compiled by Argaam.