Saudi Networkers Services Co., which is under listing in Nomu-Parallel Market – posted a 28% decline in net profit to SAR 28 million by the end of 2021, compared to SAR 39 million profit in the corresponding period a year ago.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 468.17 | 462.79 | (1.1 %) |
| Gross Income | 69.13 | 54.27 | (21.5 %) |
| Operating Income | 44.03 | 30.22 | (31.4 %) |
| Net Income | 39.10 | 28.34 | (27.5 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 6.52 | 4.72 | (27.5 %) |
The profit decline year-on-year (YoY) was attributed to the following: A rise in cost of revenues by 4% YoY, an increase in debt provisions to SAR 2 million, from SAR 510,000 in 2020, and a 29% YoY decline in operating income.
This came despite the rise in revenues and other revenues, as well as drop in financing charges.
Shareholders’ equity (excluding minority interests) amounted to SAR 57.31 million in 2021, compared to SAR 50.39 million in the same period of 2020.
Meanwhile, the company's revenues amounted to SAR 462.792 million from operations in the Kingdom and SAR 10.459 million from Algeria operations in 2021, compared to SAR 454.441 million and SAR 13.726 million, respectively in the year-ago period.
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