RIYADH: Shares of Etihad Atheeb Telecommunication Co. managed to turn into profits during the first half of 2022, helped by a spike in sales.
Better known as Go, the telecom firm made SR4.97 million ($1.3 billion) in profits for the period ending Sept. 30, from losses of SR21.79 it made in the prior-year period, according to a bourse filing.
Its improved results were accompanied by an 85 percent boost in revenue to SR288.5 million, up from S155.81 million in the previous year.
The results were driven by the decrease in allowance for impairment in trade receivables, allowance for impairment in fixed assets, and Zakat expense, it said.
The firm also managed to turn into profits of SR6.63 million during the second quarter of the year from losses of SR9.67 million it made the year prior.