Etihad Atheeb Communications Company “GO” has announced the appointment of AlJazira Capital as a financial advisor to the executive management to present a future financial plan to the Board of Directors dealing with how to raise the company’s financial solvency, strategic expansion and improve operational and financial performance.
The company said, in a statement to the “Tadawul” financial market website, today, Wednesday, that it will announce any fundamental developments, such as the percentage of capital reduction, the date of reduction, and the percentage of capital increase in a timely manner, according to the regulations and regulations.
The company aims to reduce the company’s accumulated losses amounting to 116.789 million riyals as at the end of the fiscal year ending on March 31, 2021, which is equivalent to 51.10% of the company’s capital amounting to 228.529 million riyals at the end of the same period.
It is worth noting that the company achieved a net loss of 38.3 million riyals during the fiscal year ending on March 31, 2021, compared to a net loss of 71.6 million riyals during the fiscal year ending on March 31, 2020.
The company attributed the decrease in losses during the past year to a decrease in the cost of sales, an increase in other revenues, the achievement of financing revenues, a decrease in depreciation and amortization expenses, a decrease in the allowance for depreciation in trade receivables, and a decrease in general and administrative expenses, despite the decrease in revenues, increase in selling and marketing expenses and an increase in impairment losses. On property and equipment, increase zakat and income tax.