The shares of Othaim Telecom surged by 6% at closing thanks to the quarterly performance report.

The Etihad Atheeb Telecom Company disclosed to the Saudi Stock Exchange (Tadawul) on Wednesday that its net profit - after deducting zakat and tax - increased by 22.368% to 58.607 million riyals in the second quarter of the company's fiscal year, compared to a net profit of 47.894 million riyals achieved by the Saudi company during the same period last year.

This increase was attributed to a rise in revenues of 109 million riyals, which was accompanied by a rise in revenue costs amounting to 79 million riyals, leading to an overall profit increase of 30 million riyals, alongside a decrease in financing expenses by 6 million riyals.

According to the disclosure, Atheeb Telecom stated that the net profit for the six-month period ending September 30 increased by 4.813% to record 105.335 million riyals, up from 100.498 million riyals recorded by Atheeb Telecom at the same time in 2023.

On the other hand, earnings per share decreased to record 3.1 riyals for the six months ending in September, compared to earnings of 3.39 riyals achieved by Atheeb Telecom's stock during the same period last year.

At the close of the Saudi stock exchange session today, Atheeb Telecom's stock (TADAWUL: 7040) rose by 6% or by 6.60 riyals at closing, reaching 116.60 riyals.