Saudi Azm net profit leaps 24.1% to SAR 14M in H1 2023/24

27/02/2024 Argaam Exclusive

Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 14 million for the first half ended Dec. 31, 2023, leaping 24.1% from SAR 11.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 102.92 107.42 4.4 %
Gross Income 22.56 25.76 14.2 %
Operating Income 11.56 14.23 23.1 %
Net Income 10.98 13.41 22.2 %
Average Shares 60.00 60.00 -
EPS (Halala) 18.30 22.36 22.2 %

The profit growth was driven by a SAR 3.2 million increase in gross profit on higher revenues. The company also cited higher other income by SAR 1.36 million.

 

However, operating expenses increased by SAR 0.53 million, while investment in an associate fell by SAR 0.54 million. Financing costs went up SAR 0.47 million. Zakat and tax expenses also increased by SAR 0.29 million.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 102.92 107.42 4.4 %
Gross Income 22.56 25.76 14.2 %
Operating Income 11.56 14.23 23.1 %
Net Income 10.98 13.41 22.2 %
Average Shares 60.00 60.00 -
EPS (Halala) 18.30 22.36 22.2 %

Total shareholders’ equity, excluding minority interest, amounted to SAR 82.6 million at the end of the current period, compared to SAR 57.7 million a year earlier.

                                                               Azm Interim Financials

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020/21

69.44

9.40

15.67

H2 2020/21

65.70

6.14

10.22

H1 2021/22

73.25

8.00

13.33

H2 2021/22

79.31

11.11

18.51

H1 2022/23

102.92

10.98

18.30

H2 2022/23

87.45

12.10

20.17

H1 2023/24

107.42

13.80

23.00

 

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Share Price

Saudi Azm for Communication and Information Technology Co.
32.75
1.90 6.16 %

Saudi Azm for Communication and Information Technology Co. (AZM)

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Financial Ratios
Current
Market Cap (M Riyal) 1,965.00
Enterprise Value (EV) (M) 1,921.49
Shares Outstanding ((M)) 60.00
Book Value (BV) ( Riyal) 1.14
Par Value ( Halala) 50.00
Adjusted P/E (Last12) More than 100
Price/book 28.72
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