Alqemam profit climbs 36% to SAR 18.9M in 2023

Alqemam for Computer Systems Co. reported a 36% profit jump to SAR 18.9 million in 2023, compared to SAR 13.9 million in 2022.

The profit growth was fueled by a rise of 84.16% year-on-year (YoY) in revenue to SAR 51.88 million, thanks to improved operational efficiency, the expanded customer base, as well as offerings of new products and services. In addition, the company adopted a client-centric approach, which led to an increase in projects and contracts awarded.

The company’s business and sales in the key areas of customers and the commercial expansion also contributed to the profit growth. Alqemam secured contracts worth SAR 20 million for computer program development, IT systems projects, and digital transformation initiatives in the Aseer region.

It also signed an information technology and digital transformation contract with the Federation of Saudi Chambers in Riyadh and secured a contract to implement digital transformation standards with the Emirate of Al-Jouf. These contracts had a positive impact on revenues, which reached SAR 51.9 million, compared to SAR 28.2 million in the previous year.

Further, operating profits also jumped 38.9% YoY to SAR 21.24 million.

Shareholders’ equity, no minority interest, rose to SAR 18.86 million as of Dec. 31, 2023, compared to SAR 13.43 million a year earlier.

View More Financial Results