Saudi Azm for Communication and Information Technology Co. reported a net profit after Zakat and tax of SAR 8 million for the first half ended Dec. 31, 2021, a 15% decline from SAR 9.4 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 69.44 | 73.25 | 5.5 % |
| Gross Income | 14.21 | 15.69 | 10.4 % |
| Operating Income | 10.03 | 8.75 | (12.8 %) |
| Net Income | 9.40 | 8.00 | (15.0 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Halala) | 15.67 | 13.33 | (15.0 %) |
The profit decline is attributed to higher general and administrative expenses, since the company increased its technical and sales capabilities by establishing new business units to meet the expected demand for its services in the coming period.
Meanwhile, the advisory and professional expenses increased due to the company’s listing on Nomu- Parallel Market.
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