Etihad Atheeb logs SAR 176.5M profit in 9M 2023/24; Q3 at SAR 76.1M

Etihad Atheeb logs SAR 176.5M profit in 9M 2023/24; Q3 at SAR 76.1M

08/02/2024 Argaam Exclusive

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Etihad Atheeb Telecommunication Co. (GO) recorded a net profit of SAR 176.5 million in the nine-month period ended on Dec. 31, 2023, compared with SAR 13 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 452.52 709.66 56.8 %
Gross Income 126.41 231.70 83.3 %
Operating Income 19.46 131.25 574.6 %
Net Income 12.96 176.54 1262.1 %
Average Shares 29.62 29.62 -
EPS (Riyals) 0.44 5.96 1262.1 %

The profit growth was boosted by higher revenues from the individual, business, and wholesale segments compared with the year-earlier period.

 

This was also due to an increase in other income, as well as lower selling and marketing expenses. In addition, allowance for impairment in trade receivables and finance charges (FCs) declined during the same period.

 

The telco posted a net profit of SAR 76.1 million in Q3 2023/24, compared with SAR 8 million a year ago, due to higher revenues, increased other income, as well as lower selling and marketing expenses. This was despite an uptick in the cost of services, general & administrative expenses, FCs, and the allowance for impairment in trade receivables.

 

On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 164.02 265.44 61.8 %
Gross Income 45.75 83.54 82.6 %
Operating Income 10.48 47.16 350.1 %
Net Income 8.00 76.05 851.2 %
Average Shares 29.62 29.62 -
EPS (Riyals) 0.27 2.57 851.2 %

Shareholders' equity, no minority interest, at the end of the nine-month period amounted to SAR 292.62 million, compared to SAR 86.96 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 61.99 6.7 % 6.16 (38.2 %) 60.43 187.6 % 2.04
Q2 2014 51.21 (6.9 %) 4.24 (59.5 %) (35.28) 18.4 % (1.19)
Q3 2014 60.48 (5.1 %) 8.79 11.5 % (47.67) 29.5 % (1.61)
Q4 2014 73.43 27.3 % 10.01 143.2 % (33.73) 51.4 % (1.14)
Q1 2015 83.33 34.4 % 9.71 57.7 % (40.16) (166.4 %) (1.36)
Q2 2015 76.05 48.5 % 9.17 116.4 % 3.57 110.1 % 0.12
Q3 2015 86.75 43.4 % 4.49 (48.9 %) (48.87) (2.5 %) (1.65)
Q4 2015 96.90 32.0 % 8.81 (12.1 %) (62.64) (85.7 %) (2.11)
Q1 2016 89.99 8.0 % 8.84 (8.9 %) (58.11) (44.7 %) (1.96)
Q2 2016 86.30 13.5 % 12.19 32.9 % 15.36 329.8 % 0.52
Q3 2016 116.36 34.1 % 27.85 519.8 % (55.99) (14.6 %) (1.89)
Q4 2016 129.10 33.2 % 29.74 237.7 % (26.53) 57.6 % (0.90)
Q1 2017 136.03 51.2 % 25.08 183.5 % 55.42 195.4 % 1.87
Q2 2017 126.45 46.5 % 22.71 86.3 % (29.81) (294.1 %) (1.01)
Q3 2017 110.79 (4.8 %) 17.08 (38.7 %) (32.90) 41.2 % (1.11)
Q4 2017 106.56 (17.5 %) 26.07 (12.3 %) (32.97) (24.3 %) (1.11)
Q1 2018 104.67 (23.1 %) 32.43 29.3 % (21.87) (139.5 %) (0.74)
Q2 2018 108.81 (14.0 %) 30.68 35.1 % (13.67) 54.2 % (0.46)
Q3 2018 103.92 (6.2 %) 40.24 135.6 % (12.71) 61.4 % (0.43)
Q4 2018 103.70 (2.7 %) 32.04 22.9 % (5.05) 84.7 % (0.17)
Q1 2019 97.10 (7.2 %) 39.68 22.3 % (31.86) (45.7 %) (1.08)
Q2 2019 86.84 (20.2 %) 42.23 37.6 % (20.83) (52.4 %) (0.70)
Q3 2019 77.28 (25.6 %) 50.91 26.5 % (9.80) 22.9 % (0.33)
Q4 2019 78.39 (24.4 %) 54.81 71.1 % (9.12) (80.7 %) (0.31)
Q1 2020 73.03 (24.8 %) 39.87 0.5 % (12.27) 61.5 % (0.41)
Q2 2020 67.77 (22.0 %) 40.54 (4.0 %) (12.03) 42.2 % (0.41)
Q3 2020 67.18 (13.1 %) 38.73 (23.9 %) 126.85 1394.2 % 4.28
Q4 2020 74.12 (5.4 %) 21.88 (60.1 %) (140.81) (1,444.1 %) (4.75)
Q1 2021 74.97 2.7 % 20.19 (49.4 %) (12.11) 1.2 % (0.41)
Q2 2021 80.85 19.3 % 14.17 (65.1 %) (9.67) 19.6 % (0.33)
Q3 2021 102.51 52.6 % 25.91 (33.1 %) (7.37) (105.8 %) (0.25)
Q4 2021 120.23 62.2 % 31.57 44.3 % (8.24) 94.1 % (0.28)
Q1 2022 140.48 87.4 % 37.54 85.9 % (1.67) 86.2 % (0.06)
Q2 2022 148.02 83.1 % 43.12 204.4 % 6.63 168.6 % 0.22
Q3 2022 164.02 60.0 % 45.75 76.5 % 8.00 208.5 % 0.27
Q4 2022 177.82 47.9 % 56.28 78.3 % 29.51 458.1 % 1.00
Q1 2023 206.33 46.9 % 70.66 88.2 % 52.60 3253.7 % 1.78
Q2 2023 237.89 60.7 % 77.50 79.7 % 47.89 622.0 % 1.62
Q3 2023 265.44 61.8 % 83.54 82.6 % 76.05 851.2 % 2.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 12.01 % (28.98 %) (112.74 %)
Q2 2014 9.55 % (36.85 %) (116.94 %)
Q3 2014 10.07 % (43.48 %) (123.60 %)
Q4 2014 11.82 % (38.11 %) (120.27 %)
Q1 2015 12.20 % (37.20 %) (111.94 %)
Q2 2015 12.85 % (33.11 %) (104.27 %)
Q3 2015 10.45 % (29.51 %) (94.74 %)
Q4 2015 9.38 % (29.50 %) (85.70 %)
Q1 2016 8.96 % (28.58 %) (81.77 %)
Q2 2016 9.54 % (26.71 %) (76.60 %)
Q3 2016 14.81 % (21.09 %) (66.12 %)
Q4 2016 18.64 % (19.19 %) (56.01 %)
Q1 2017 20.28 % (17.87 %) (45.63 %)
Q2 2017 20.75 % (16.14 %) (35.60 %)
Q3 2017 18.83 % (17.80 %) (31.00 %)
Q4 2017 18.95 % (22.34 %) (28.80 %)
Q1 2018 21.92 % (21.11 %) (26.21 %)
Q2 2018 24.66 % (19.04 %) (23.54 %)
Q3 2018 30.53 % (12.81 %) (19.16 %)
Q4 2018 32.15 % (3.28 %) (12.66 %)
Q1 2019 34.49 % 1.25 % (15.30 %)
Q2 2019 39.38 % 6.04 % (17.99 %)
Q3 2019 45.17 % 11.87 % (18.51 %)
Q4 2019 55.25 % 20.23 % (21.09 %)
Q1 2020 59.52 % 25.59 % (16.48 %)
Q2 2020 62.78 % 28.79 % (14.58 %)
Q3 2020 60.74 % 28.69 % (15.21 %)
Q4 2020 49.99 % 20.67 % (29.03 %)
Q1 2021 42.72 % 18.51 % (28.77 %)
Q2 2021 31.96 % 9.35 % (26.71 %)
Q3 2021 24.71 % 4.99 % (23.04 %)
Q4 2021 24.26 % 5.85 % (9.88 %)
Q1 2022 24.59 % 6.23 % (6.07 %)
Q2 2022 27.02 % 11.34 % (2.08 %)
Q3 2022 27.58 % 12.82 % 0.82 %
Q4 2022 28.98 % 16.55 % 6.74 %
Q1 2023 31.00 % 19.92 % 10.78 %
Q2 2023 31.83 % 22.87 % 14.79 %
Q3 2023 32.45 % 24.31 % 16.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 29.62 (4.05) (9.07) 25.22
Q2 2014 29.62 (3.78) (9.26) 24.03
Q3 2014 29.62 (3.10) (9.65) 22.42
Q4 2014 29.62 (1.90) (10.03) 21.27
Q1 2015 29.62 (5.29) (10.14) 19.91
Q2 2015 29.62 (3.98) (10.32) 20.01
Q3 2015 29.62 (4.02) (10.22) 18.35
Q4 2015 29.62 (5.00) (9.92) 16.19
Q1 2016 29.62 (5.61) (9.65) 13.09
Q2 2016 29.62 (5.21) (9.31) 13.61
Q3 2016 29.62 (5.45) (8.69) 11.72
Q4 2016 29.62 (4.23) (7.97) 10.82
Q1 2017 29.62 (0.40) (7.20) 12.69
Q2 2017 29.62 (1.92) (6.10) 11.69
Q3 2017 29.62 (1.14) (5.26) 10.58
Q4 2017 29.62 (1.36) (4.66) 9.59
Q1 2018 29.62 (3.97) (3.97) 8.53
Q2 2018 29.62 (3.42) (3.42) 8.07
Q3 2018 29.62 (2.74) (2.74) 7.64
Q4 2018 29.62 (1.80) (1.80) 7.50
Q1 2019 29.62 (2.14) (2.14) 6.43
Q2 2019 29.62 (2.38) (2.38) 5.72
Q3 2019 29.62 (2.28) (2.28) 5.39
Q4 2019 29.62 (2.42) (2.42) 5.09
Q1 2020 29.62 (1.76) (1.76) 4.67
Q2 2020 29.62 (1.46) (1.46) 4.27
Q3 2020 29.62 3.15 (1.47) 8.55
Q4 2020 29.62 (1.29) (2.76) 3.77
Q1 2021 29.62 (1.29) (2.76) 3.36
Q2 2021 29.62 (1.21) (2.68) 3.04
Q3 2021 29.62 (5.74) (2.59) 2.79
Q4 2021 29.62 (1.26) (1.26) 2.50
Q1 2022 29.62 (0.91) (0.91) 2.44
Q2 2022 29.62 (0.36) (0.36) 2.67
Q3 2022 29.62 0.16 0.16 2.94
Q4 2022 29.62 1.43 1.43 3.92
Q1 2023 29.62 3.27 2.53 5.69
Q2 2023 29.62 4.66 3.93 7.31
Q3 2023 29.62 6.96 5.08 9.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 NEG NEG 4.11
Q2 2014 NEG NEG 3.27
Q3 2014 NEG NEG 3.04
Q4 2014 NEG NEG 1.93
Q1 2015 NEG NEG 1.96
Q2 2015 NEG NEG 2.00
Q3 2015 NEG NEG 1.74
Q4 2015 NEG NEG 2.05
Q1 2016 NEG NEG 1.86
Q2 2016 NEG NEG 1.75
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 1.66
Q1 2017 NEG NEG 1.93
Q2 2017 NEG NEG 1.75
Q3 2017 NEG NEG 1.83
Q4 2017 NEG NEG 1.86
Q1 2018 NEG NEG 1.31
Q2 2018 NEG NEG 1.21
Q3 2018 NEG NEG 1.28
Q4 2018 NEG NEG 1.30
Q1 2019 NEG NEG 1.52
Q2 2019 NEG NEG 1.71
Q3 2019 NEG NEG 1.81
Q4 2019 NEG NEG 1.92
Q1 2020 NEG NEG 2.09
Q2 2020 NEG NEG 2.29
Q3 2020 3.10 NEG 1.14
Q4 2020 NEG NEG 2.59
Q1 2021 NEG NEG 10.24
Q2 2021 NEG NEG 10.73
Q3 2021 NEG NEG 10.25
Q4 2021 NEG NEG 10.41
Q1 2022 NEG NEG 8.04
Q2 2022 NEG NEG 5.44
Q3 2022 85.28 85.28 4.63
Q4 2022 11.41 11.41 4.18
Q1 2023 6.27 8.09 3.60
Q2 2023 5.81 6.90 3.70
Q3 2023 6.41 8.79 4.52

Business Segments (Million)

Compared With The
Period Data sector Voice services Un-allocated service
Q1 2014 38.61 23.37 -
Q2 2014 36.49 14.72 -
Q3 2014 34.52 25.96 -
Q4 2014 36.03 37.40 -
Q1 2015 36.92 46.41 -
Q2 2015 35.85 40.21 -
Q3 2015 39.98 46.77 -
Q4 2015 43.21 53.69 -
Q1 2016 48.58 41.41 -
Q2 2016 52.30 34.00 -
Q3 2016 73.28 43.08 -
Q4 2016 89.70 39.40 -
Q1 2017 90.22 45.80 -
Q2 2017 83.70 42.76 -
Q3 2017 81.62 29.17 -
Q4 2017 83.18 23.38 -
Q1 2018 85.02 19.64 -
Q2 2018 88.39 20.42 -
Q3 2018 84.41 19.50 -
Q4 2018 84.24 19.46 -
Q1 2019 91.28 5.81 -
Q2 2019 81.64 5.20 -
Q3 2019 72.66 4.63 -
Q4 2019 57.61 20.77 -
Q1 2020 53.68 19.35 -
Q2 2020 65.88 1.88 -
Q3 2020 59.12 8.06 -
Q4 2020 70.50 3.62 -
Q1 2021 66.19 8.78 -
Q2 2021 69.02 11.83 -
Q3 2021 77.22 25.29 -
Q4 2021 88.03 32.20 -
Q1 2022 105.08 35.40 -
Q2 2022 112.39 35.63 -
Q3 2022 130.91 33.11 -
Q4 2022 105.53 40.44 31.85
Q1 2023 177.30 29.03 -
Q2 2023 145.38 92.51 -
Q3 2023 209.62 55.81 -

Current
Market Cap (M Riyal) 3,093.09
Enterprise Value (EV) (M) 2,658.09
Shares Outstanding ((M)) 33.99
EPS ( Riyal) (TTM) 5.73
Book Value (BV) ( Riyal) 16.44
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.26
P/E (TTM) 15.89
Price/book 5.53
Return on Average Assets (%) (TTM) 17.3
Return on Average Equity (%) (TTM) 57.7

Share Price

Etihad Atheeb Telecommunication Co. (ATHEEB TELECOM)


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