Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

Saudi ‘Atheeb’ CEO: Profitability Achieved, Capital Increase Part of Transformation Strategy  

Etihad Atheeb Telecommunications Co., trading as “GO,” participated in the annual LEAP technology exhibition in the Saudi capital, Riyadh. (Asharq Al-Awsat)

The CEO of Saudi telecommunications company “Etihad Atheeb Telecommunications Co.” revealed that the company has shifted from losses to profitability due to five key factors, with the foremost being the development of local talent recruitment and a strategic transformation plan.

Yahya bin Saleh bin Mohsen Al Mansour said that debt settlement with creditors, re-establishing relationships with suppliers, and the return of the company’s stock to trading were instrumental in this turnaround.

Previously, Atheeb had recorded a loss of approximately SAR 1.67 million Saudi Riyals ($455,000) in the quarter ending on June 30, 2022, but it has since achieved a net profit of SAR 52.6 million ($14 million).

Al Mansour emphasized that the company, founded in 2009, faced challenging phases marked by intense competition and accumulated losses, which adversely affected both shareholders and investors alike.

Speaking to Asharq Al-Awsat, Al Mansour pointed out that in the year 2021, the company reached a crossroads, with either bankruptcy looming or one last chance to turn things around. The latter option was the chosen course of action.

“I joined