Arabian Internet and Communication Services Co. (solutions) posted a net profit of SAR 304 million for Q1 2022, a rise of 7% from SAR 283 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2,242.90 | 2,676.27 | 19.3 % |
| Gross Income | 493.53 | 606.16 | 22.8 % |
| Operating Income | 312.95 | 356.97 | 14.1 % |
| Net Income | 282.91 | 303.81 | 7.4 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.36 | 2.53 | 7.4 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2,437.88 | 2,676.27 | 9.8 % |
| Gross Income | 513.71 | 606.16 | 18.0 % |
| Operating Income | 240.38 | 356.97 | 48.5 % |
| Net Income | 196.98 | 303.81 | 54.2 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.64 | 2.53 | 54.2 % |
The profit growth was mainly due to a rise in gross profit of SAR 112 million. This was as a result of a SAR 433 million revenue increase, which was offset by a jump in the cost of revenue of SAR 321 million.
On the other hand, operating expenses grew by SAR 69 million, as general and administration expenses rose by SAR 25 million. Selling and distribution expenses also surged SAR 43 million.
In addition, Zakat and tax charge added SAR 14 million.
On a sequential basis, Q1 2023 net profit rose 54.3% from SAR 196.98 million.
Total shareholders’ equity, excluding minority interest, reached SAR 3.01 billion by the end of the period, compared with SAR 2.53 billion a year earlier.
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