Reported Earnings • May 22
Full year 2026 earnings released: EPS: ر.س7.62 (vs ر.س6.46 in FY 2025) Full year 2026 results: EPS: ر.س7.62 (up from ر.س6.46 in FY 2025). Revenue: ر.س1.92b (up 31% from FY 2025). Net income: ر.س259.1m (up 18% from FY 2025). Profit margin: 14% (down from 15% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: ر.س2.06 (vs ر.س1.62 in 3Q 2025) Third quarter 2026 results: EPS: ر.س2.06 (up from ر.س1.62 in 3Q 2025). Revenue: ر.س489.1m (up 28% from 3Q 2025). Net income: ر.س70.1m (up 27% from 3Q 2025). Profit margin: 14% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Dec 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ر.س1.91 (vs ر.س1.72 in 2Q 2025) Second quarter 2026 results: EPS: ر.س1.91 (up from ر.س1.72 in 2Q 2025). Revenue: ر.س470.1m (up 36% from 2Q 2025). Net income: ر.س65.0m (up 11% from 2Q 2025). Profit margin: 14% (down from 17% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Sep 26
Etihad Atheeb Telecommunication Co. Approves Cash Dividends for the Fiscal Year Ending on March 31, 2025, Payable on October 07, 2025 Etihad Atheeb Telecommunication Co. at its 18th Ordinary General Assembly meeting held on September 24, 2025, Approval on the board of director’s recommendation to distribute cash dividends in the amount of (SAR 10,199,970), to shareholders for the fiscal year ending on March 31, 2025. at a rate of (30 halals), per share and at rate of 3% of nominal value of the share, provided that the eligibility is for shareholders who own shares at the end of trading on the day of general assembly meeting and registered in the company shareholders register with the securities depository center company (Depository center) at the end of the second trading day following the due date. the date of dividends distribution will be started from October 07, 2025. Upcoming Dividend • Sep 18
Upcoming dividend of ر.س0.30 per share Eligible shareholders must have bought the stock before 25 September 2025. Payment date: 07 October 2025. Payout ratio is a comfortable 4.3% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Saudi dividend payers (5.6%). Lower than average of industry peers (4.9%). Declared Dividend • Sep 04
Dividend of ر.س0.30 announced Dividend of ر.س0.30 is the same as last year. Ex-date: 25th September 2025 Payment date: 7th October 2025 Dividend yield will be 0.3%, which is lower than the industry average of 4.7%. Payout Ratios Payout ratio: 4%. Cash payout ratio: 5%. Ankündigung • Sep 03
Etihad Atheeb Telecommunication Company, Annual General Meeting, Sep 24, 2025 Etihad Atheeb Telecommunication Company, Annual General Meeting, Sep 24, 2025, at 18:30 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Aug 12
First quarter 2026 earnings released: EPS: ر.س1.81 (vs ر.س1.37 in 1Q 2025) First quarter 2026 results: EPS: ر.س1.81 (up from ر.س1.37 in 1Q 2025). Revenue: ر.س435.4m (up 40% from 1Q 2025). Net income: ر.س61.7m (up 32% from 1Q 2025). Profit margin: 14% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 29% per year. Reported Earnings • Jul 08
Full year 2025 earnings released: EPS: ر.س6.46 (vs ر.س6.43 in FY 2024) Full year 2025 results: EPS: ر.س6.46 (up from ر.س6.43 in FY 2024). Revenue: ر.س1.46b (up 44% from FY 2024). Net income: ر.س222.9m (up 14% from FY 2024). Profit margin: 15% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س97.10, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 19x in the Telecom industry in Asia. Total returns to shareholders of 517% over the past three years. Reported Earnings • Feb 18
Third quarter 2025 earnings released: EPS: ر.س1.65 (vs ر.س8.45 in 3Q 2024) Third quarter 2025 results: EPS: ر.س1.65 (down from ر.س8.45 in 3Q 2024). Revenue: ر.س381.7m (up 44% from 3Q 2024). Net income: ر.س56.1m (down 26% from 3Q 2024). Profit margin: 15% (down from 29% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shareholders have been substantially diluted in the past year (278% increase in shares outstanding). Reported Earnings • Nov 05
Second quarter 2025 earnings released: EPS: ر.س1.72 (vs ر.س5.32 in 2Q 2024) Second quarter 2025 results: EPS: ر.س1.72. Revenue: ر.س346.9m (up 46% from 2Q 2024). Net income: ر.س58.6m (up 22% from 2Q 2024). Profit margin: 17% (down from 20% in 2Q 2024). Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س109, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 16x in the Telecom industry in Asia. Total returns to shareholders of 359% over the past three years. Ankündigung • Sep 16
Etihad Atheeb Telecommunication Company (SASE:7040) signed a binding memorandum of understanding to acquire a 51% stake in EJAD TECH company for approximately SAR 86.7 million. Etihad Atheeb Telecommunication Company (SASE:7040) signed a binding memorandum of understanding to acquire a 51% stake in EJAD TECH company for approximately SAR 86.7 million on September 14, 2024. As part of consideration, SAR 86.7 million is paid towards common equity of EJAD TECH company. The transaction will be funded through its internal resources and cash flow. The completion of the transaction is subject to several conditions, including the founder's continued involvement with the company for at least five years post-acquisition, a non-compete clause for the founder and his family for five years followed by an additional two years, and the achievement of specific agreed-upon financial targets.
The completion of the acquisition deal is subject to a number of conditions, including: (i) Obtaining the approval of the Extraordinary General Assembly of Etihad Atheeb Company; (ii) Obtaining the approval of the Capital Market Authority regarding the acquisition deal and the shareholders’ circular; (iii) Obtaining a no-objection to the acquisition deal from the General Authority for Competition; and (iv) Obtaining any other necessary or appropriate approvals regarding the acquisition transaction. The company anticipates a positive financial impact from this acquisition, as it will contribute to an increase in its revenue and profitability. Further details regarding the financial impact will be disclosed upon completion of the necessary regulatory approvals and the closing of the transaction. The MoU has a validity period of four months, and the acquisition is expected to be completed in the fourth quarter of 2024.
Mekyal Financial Technologies acted as financial advisor for Etihad Atheeb Telecommunication Company. ValuHub acted as financial advisor for EJAD TECH company. Ankündigung • Aug 30
Etihad Atheeb Telecommunication Company, Annual General Meeting, Sep 18, 2024 Etihad Atheeb Telecommunication Company, Annual General Meeting, Sep 18, 2024, at 19:00 Arab Standard Time. Location: riyadh Saudi Arabia New Risk • Aug 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (25% accrual ratio). Shareholders have been substantially diluted in the past year (278% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: ر.س1.37 (vs ر.س5.85 in 1Q 2024) First quarter 2025 results: EPS: ر.س1.37 (down from ر.س5.85 in 1Q 2024). Revenue: ر.س310.2m (up 50% from 1Q 2024). Net income: ر.س46.7m (down 11% from 1Q 2024). Profit margin: 15% (down from 26% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Jul 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Ehsan Bin Amanallah A Makhdoum was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 15
Full year 2024 earnings released: EPS: ر.س6.43 (vs ر.س4.72 in FY 2023) Full year 2024 results: EPS: ر.س6.43 (up from ر.س4.72 in FY 2023). Revenue: ر.س1.02b (up 61% from FY 2023). Net income: ر.س194.7m (up 358% from FY 2023). Profit margin: 19% (up from 6.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ر.س91.20, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 15x in the Telecom industry in Asia. Total returns to shareholders of 210% over the past three years. New Risk • Apr 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 278% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). High level of non-cash earnings (73% accrual ratio). Shareholders have been substantially diluted in the past year (278% increase in shares outstanding). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س116, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 15x in the Telecom industry in Asia. Total returns to shareholders of 298% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س102, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 16x in the Telecom industry in Asia. Total returns to shareholders of 410% over the past three years. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment deteriorates as stock falls 67% After last week's 67% share price decline to ر.س62.80, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 15x in the Telecom industry in Asia. Total loss to shareholders of 3.4% over the past year. Ankündigung • Dec 28
Etihad Atheeb Telecommunication Co. Announces Changes in Audit Committee Member Etihad Atheeb Telecommunications Company (GO) announces that its Board of Directors has approved by passing the appointment of Mr. Hussein bin Abdullah bin Hassan Al-Yami as a member of the Audit Committee (independent from outside the Board), starting from December 28, 2023 AD until the end of the current session of the Audit Committee, which will end on November 13, 2026 AD. Mr. Hussein bin Abdullah Al-Yami has distinguished practical experience for more than 30 years. He holds a bachelor-s degree in computer information systems from Arkansas State University - United States of America in 1989. He has extensive knowledge and experience in financial auditing and internal auditing. Appointed Member Name is Mr. Hussein bin Abdullah bin Hassan Al-Yami. Reported Earnings • Nov 05
Second quarter 2024 earnings released: EPS: ر.س5.32 (vs ر.س0.74 in 2Q 2023) Second quarter 2024 results: EPS: ر.س5.32 (up from ر.س0.74 in 2Q 2023). Revenue: ر.س237.9m (up 61% from 2Q 2023). Net income: ر.س47.9m (up ر.س41.3m from 2Q 2023). Profit margin: 20% (up from 4.5% in 2Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س151, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 15x in the Telecom industry in Asia. Total returns to shareholders of 193% over the past year. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س137, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 15x in the Telecom industry in Asia. Total returns to shareholders of 244% over the past year. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ر.س146, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 16x in the Telecom industry in Asia. Total returns to shareholders of 232% over the past year. New Risk • Aug 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
First quarter 2024 earnings released: EPS: ر.س5.85 (vs ر.س0.21 loss in 1Q 2023) First quarter 2024 results: EPS: ر.س5.85 (up from ر.س0.21 loss in 1Q 2023). Revenue: ر.س206.3m (up 47% from 1Q 2023). Net income: ر.س52.6m (up ر.س54.3m from 1Q 2023). Profit margin: 26% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ر.س90.20, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 17x in the Telecom industry in Asia. Total returns to shareholders of 90% over the past year. New Risk • Jun 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • Jun 11
Full year 2023 earnings released: EPS: ر.س4.72 (vs ر.س4.68 loss in FY 2022) Full year 2023 results: EPS: ر.س4.72 (up from ر.س4.68 loss in FY 2022). Revenue: ر.س630.3m (up 67% from FY 2022). Net income: ر.س42.5m (up ر.س79.9m from FY 2022). Profit margin: 6.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Reported Earnings • Oct 30
Second quarter 2023 earnings released: EPS: ر.س0.74 (vs ر.س1.07 loss in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.74 (up from ر.س1.07 loss in 2Q 2022). Revenue: ر.س148.0m (up 83% from 2Q 2022). Net income: ر.س6.63m (up ر.س16.3m from 2Q 2022). Profit margin: 4.5% (up from net loss in 2Q 2022). Reported Earnings • Aug 24
First quarter 2023 earnings released: ر.س0.18 loss per share (vs ر.س1.35 loss in 1Q 2022) First quarter 2023 results: ر.س0.18 loss per share (up from ر.س1.35 loss in 1Q 2022). Revenue: ر.س140.5m (up 87% from 1Q 2022). Net loss: ر.س1.67m (loss narrowed 86% from 1Q 2022). Ankündigung • Aug 18
Etihad Atheeb Telecommunication Company, Annual General Meeting, Sep 08, 2022 Etihad Atheeb Telecommunication Company, Annual General Meeting, Sep 08, 2022, at 16:30 Coordinated Universal Time. Agenda: To discuss voting on the report of the board of directors for the fiscal year ending on 31-3-2022; to discuss voting on the auditors report for the fiscal year endign on 31-3-2022; and to discuss voting on the financial statements for the fiscal year ending on 31-3-2022. Ankündigung • Aug 02
Etihad Atheeb Telecommunication Co. Announces Board Appointments Etihad Atheeb Telecommunication Company announced the Board of Directors’ decision to appoint: Mr. Sager Abdullatif Mohammad Nadershah (as an independent member) and Mr. Omar Nabil N Alkhudairi (as an independent member) and to fill the vacant seats on the Board of Directors, and this Appointment applies as of August 01, 2022 AD - as a continuation of its tenor ending on October 25, 2023 AD.im continued success. Brief Resume of the Appointed Member: Mr. Saqr Nader Shah has more than 28 years of experience, during which he held many leadership positions in the financial sector in the Kingdom of Saudi Arabia and the Arabian Gulf region. He served as a member of the boards of directors and audit committees in many companies and is currently the managing director and CEO of Al Jazira Takaful Company. From 2011 AD until now. Mr. Saqr bin Abdullatif bin Muhammad Nader Shah holds a Bachelor's degree in 1988 from Bethune Cockman College, Daytona Beach, Florida, USA. Brief Resume of the Appointed Member: Mr. Omar bin Nabil Al-Khudairi has more than 20 years of experience in the fields of corporate restructuring and strategy, business development, commercial operations and business establishment in the telecommunications, energy, and aviation industries. He has also taken over the leadership of many leading companies and has served as a member of the boards of directors in many companies and is currently the CEO of Al-Mutlaq Group since 2019 AD and the Managing Director of Al-Mutlaq Real Estate Investment Company since 2020 AD, and he is also a member of the Board of Directors of the National Water Company. Mr. Omar Al-Khudairi holds a Bachelor's degree in Systems Engineering in 1999 from King Fahd University of Petroleum and Minerals. Board Change • Jul 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Director Faisal Mohamad Qamhiyah was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Jul 04
Etihad Atheeb Telecommunication Co. (Go) Announces Resignation of Meshaal Ibrahim Metaab Bin Omeriah as Board Member and Chairman of the Remuneration and Nominations Committee Etihad Atheeb Telecommunication Company (GO) announces that its board of directors has approved, by passing a resolution, accepting the resignation of Board Member and Chairman of the Remuneration and Nominations Committee, Mr. Meshaal Ibrahim Metaab bin Omeriah (Independent). Ankündigung • Jul 01
Etihad Atheeb Telecommunication Company Announces the Approval of the CITC to Extend the Commitment Period for the Company to Deploy the Network Etihad Atheeb Telecom Company (GO) announced to its shareholders that the company has informed the Communications and Information Technology Commission (CITC) that it has fulfilled the network deployment requirements according to the frequency spectrum license to provide fixed telecommunications services with infrastructure of the frequency band (3500) MHz granted to it. The files and documents required have been submitted to (CITC) on June 29, 2022 AD for the study. Ankündigung • Jun 22
Etihad Atheeb Telecommunication Company Announces Resignation of Khalid Bin Abdulrahman Alkhudairi as Independent Board Member and Chairman of the Remuneration and Nominations Committee Etihad Atheeb Telecommunication Company (GO) announced that its board of directors has approved, by passing a resolution, accepting the resignation of Board Member and Chairman of the Remuneration and Nominations Committee, Mr. Khalid bin Abdulrahman Alkhudairi (Independent). Reasons of Resignation: For Personal Reasons. Reported Earnings • Jun 02
Full year 2022 earnings released: ر.س4.19 loss per share (vs ر.س4.25 loss in FY 2021) Full year 2022 results: ر.س4.19 loss per share (up from ر.س4.25 loss in FY 2021). Revenue: ر.س378.6m (up 34% from FY 2021). Net loss: ر.س37.7m (loss narrowed 1.3% from FY 2021). Ankündigung • Apr 11
Etihad Atheeb Telecommunication Company Announces Change of Board Member Etihad Atheeb Telecommunication Company announced regarding the resignation of a Board Member Mr. Omar Subhi Abdel Karim Shanaah (Non-Executive), announced the appointment of Mr. Meshaal Ibrahim Metaab bin Omeriah as a new Board member (Independent) to fill the current vacant board seat, this appointment is effective starting from April 7, 2022. Ankündigung • Mar 07
Etihad Atheeb Telecommunication Company Announces Resignation and Appointment of Board Member Etihad Atheeb Telecom Company announced the replacement of the member of the Board of Directors representing Batelco, Shaikh. Mohamed Khalifa Salman Alkhalifa (Non-Executive), with Mr. Faisal Mohd Nazih Qamhiyah as a member of the Board of Directors (non-executive) and a representative of Batelco with effect from 28/07/1443 AH. Corresponding to March 1, 2022 AD, based on the letter of the Chairman of Batelco-s Board of Directors received on March 01, 2022 to complete the remaining period in the current session of the Board of Directors, which will end on October 25, 2023. This appointment will be presented to the first meeting of the General Assembly for approval.With this, the Chairman and members of the Board of Directors of Etihad Atheeb Telecommunications Company (GO) expresses sincere thanks and appreciation to Shaikh. Mohamed Khalifa Salman Alkhalifa for his efforts, effective participation and value that he provided during his membership in the company's board of directors, wishing him continued success. The members of the Board of Directors welcomed Mr. Faisal Mohd Nazih Qamhiyah, as a new member of the Board of Directors, wishing him success in providing his knowledge and experiences to support the company's business. Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ر.س0.82 loss per share (down from ر.س14.09 profit in 3Q 2021). Revenue: ر.س102.5m (up 53% from 3Q 2021). Net loss: ر.س7.37m (down 106% from profit in 3Q 2021). Revenue was in line with analyst estimates. Reported Earnings • Nov 11
Second quarter 2022 earnings released: ر.س0.42 loss per share (vs ر.س0.53 loss in 2Q 2021) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2022 results: Revenue: ر.س80.8m (up 19% from 2Q 2021). Net loss: ر.س9.67m (loss narrowed 20% from 2Q 2021). Reported Earnings • Aug 24
First quarter 2022 earnings released: ر.س0.53 loss per share (vs ر.س0.54 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: ر.س75.0m (up 2.7% from 1Q 2021). Net loss: ر.س12.1m (loss narrowed 1.2% from 1Q 2021). Reported Earnings • Jul 01
Full year 2021 earnings released: ر.س1.71 loss per share (vs ر.س3.13 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: ر.س282.1m (down 17% from FY 2020). Net loss: ر.س39.0m (loss narrowed 46% from FY 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 20% share price gain to ر.س40.65, the stock trades at a trailing P/E ratio of 9.9x, up from the previous P/E ratio of 8.3x. Average P/E is 21x in the Telecom industry in Asia. Total returns to shareholders over the past three years are 209%.