solutions 2021 net profit up 19% to SAR 833 mln; Q4 hits SAR 114.5 mln

Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 833 million for 2021, a rise of 19% from SAR 702 million a year earlier.

The higher profit was spurred by an increase of 20.1% year-on-year (YoY) in gross profit due to a rise of 13.4% YoY in total revenue, despite a higher cost of revenue.

The revenues growth was primarily attributed to an increase of 19.9% YoY in revenue from IT and managed operational services, along with a rise of 7.4% and 13% YoY in core ICT and digital services, respectively.

The fourth-quarter net profit after Zakat and tax climbed 55% YoY to SAR 114.5 million.

On a sequential basis, net profit fell by 55.5% from SAR 257.17 million.

Shareholders’ equity, excluding minority interest, rose by 18% to SAR 2.271 billion in 2021, from SAR 1.924 billion a year earlier.

Earnings before interest, taxes, Zakat, depreciation and amortization (EBITDA) jumped 28.4% to SAR 1.107 billion from SAR 862 million in 2020.

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