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Go turns to profits in Q1-17

Go turns to profits in Q1-17
Net profits amounted to SAR 55.42 million in Q1-17, against losses of SAR 58.11 million in Q1-16, according to a statement to the Saudi Stock Exchange
ATHEEB TELECOM
7040
52.71% 95.90 33.10

Riyadh – Mubasher: Etihad Atheeb Telecommunication (Go) on Wednesday said it turned to profits in the first quarter of 2017 ended 30 June, compared to the year-ago period.

Net profits amounted to SAR 55.42 million in Q1-17, against losses of SAR 58.11 million in Q1-16, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm attributed turning to profits to the increase in internet, data, and voice call revenues by SAR 46 million, and the growth of other revenues by SAR 98 million, after selling 500 towers.

Revenues surged 51.2% to reach SAR 136.02 million in Q1-17, compared to SAR 90 million in the corresponding period in the year earlier.

The stock rose 1.4%, closing at SAR 7.99 on Wednesday.