solutions net profit rises 14% to SAR 718 mln in 9M 2021

Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 718 million for the first nine months of 2021, an increase of 14% from SAR 628 million in the same period last year.

The profit growth was driven by higher gross profit and improved total revenue, on an increase in IT managed and operational services by 19.8%, core ICT service by 11.5% and digital services by 4.9%.

The net profit after Zakat and tax for Q3 2021 stood at SAR 257 million, up 7% year-on-year (YoY), due to a 6.7% increase in gross profit, 0.46% growth in total revenue and a 1.3% decline in the cost of revenue.

On a sequential basis, net profit was almost flat, rising by 0.39%.

Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) rose 22.7% to SAR 923 million for the nine-month period, compared to SAR 752 million for the corresponding period last year.

Meanwhile, Q3 2021 EBITDA jumped 24.7% YoY to SAR 353 million.

Total shareholders’ equity, excluding minority interest, rose 12.45% YoY to SAR 2.14 billion in 9M 2021.

View more financial results