Riyadh – Mubasher: Etihad Atheeb Telecommunication Company (GO) said the settlement contract it recently inked with one of its main suppliers resulted in a positive initial financial impact of recording revenue of SAR 101.3 million. 

This positive effect is according to the unaudited initial financial results on 31 December 2020, according to a bourse statement on Sunday.

Last week, GO announced inking an agreement with one of the main suppliers to settle all balances and debts between the two parties for the period from the start of dealing until 31 December 2020.

The two parties agreed that the net balance until 31 December amounts to SAR 370 million in favour of the main supplier and cancelled the previously-signed optical fibre (FTTH IRU) agreement.

The financial impact will be announced later after reviewing the results for the third quarter (Q3) ended on 31 December 2020, GO added.