GO Telecom Company (Etihad Atheeb) announced its financial results for the financial year ending on March 31, 2023, which showed positive performance and continued improvement in the company's financial and operational performance, transforming the company to profitability, clearing all accumulated losses, and achieving retained profits. The company attributed these positive results to continuing the implementation its transformation strategy.
The company's financial results revealed that revenues amounted to SAR 630.3 million, a growth rate of 67%, and total profit amounted to SAR 182.7 million, an increase of 99%, and an unprecedented annual net profit of SAR 42 million, compared to losses of SAR 37.7 million for the previous financial year, which represents an increase of 211%.
GO Telecom indicates that these annual results reflect the positive development of the company's operational performance as a result of implementing the company's transformation strategy, which includes infrastructure modernization, improving customer experience, and providing innovative solutions and products to meet the Saudi market needs. The strategy execution contributed to the revenue increase driven by the growth of the business segment, where the company recently announced signing major contracts with various government entities. These contracts demonstrated the company's ability to keep pace with the developments in the Saudi communications and ICT sector, which confirms that the company's transformation strategy is achieving its goals.
In this regard, the Chairman of the Board of GO Telecom, Dr. Issa bin Yaslam Ba'isa said, "The financial results reflected the continuous improvement in the company's profits and the clearance of its accumulated losses, which will reflect positively on the company's shareholders. Stressing that the company will continue in its way towards achieving the goals of the transformation strategy and contributing to achieving the ambition of Vision 2030 in the telecommunications industry.
Mr. Yahya bin Saleh Al Mansour, CEO of GO Telecom, confirmed that achieving annual operating profits for the first time since the company’s inception came as a result of implementing the company's transformation strategy. Al Mansour added that the ambition of GO Telecom doesn’t stop at this point. He indicated that the company's management is working to strengthen its leadership in the telecom market and to contribute to the development of digital transformation in the Kingdom, to enhance the company’s competitiveness and increase its market share, through the implementation of a number of plans and initiatives that contribute to achieving the objectives of the Saudi Communication and information technology market.
It is worth mentioning that the company's board of directors approved an increase in the company's capital by an amount of SAR 250 million in order to move forward in implementing initiatives of the transformation strategy and financing its projects. The company also announced the appointment of Alinma Investment as financial advisor to manage the company’s capital increase and handles all related procedures. The company expects that the capital increase will reflect positively on shareholders' rights and the company's performance.
GO Telecom has deployed 5G network in all regions of the Kingdom of Saudi Arabia and fulfilled the commitment of the frequency spectrum license granted by the Communications, Space and Technology Commission. This enhances the company's ability to provide solutions and technologies aligned with the market needs and better serves its customers.
It is noteworthy that GO Telecom has launched its new brand identity; which is aligned with the company's transformation strategy aimed at enhancing its competitive position, increasing its market share, and moving to a new, more distinguished stage on the operational level. The company has recently participated in the world's largest technical conference "LEAP" for the year 2023.
