Edarat Communications and Information Technology Co. (Edarat), which is set to be listed on Nomu-Parallel Market, reported a net profit of SAR 6.3 million for H1 2022, compared to SAR 832,000 in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 10.83 | 28.54 | 163.5 % |
| Gross Income | 3.84 | 13.65 | 255.4 % |
| Operating Income | 0.97 | 7.21 | 643.1 % |
| Net Income | 0.83 | 6.27 | 653.8 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 0.33 | 2.49 | 653.8 % |
This profit surge was attributed to a more than two-fold increase year-on-year (YoY) in revenue, while gross profit margins grew to 48% compared to 35% in the year-earlier period. Operating margins jumped to 25%, from 9% in H1 2021.
This profit increase was offset by higher Zakat provisions.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 6.78 | 14.90 | 119.7 % |
| Gross Income | 3.39 | 7.72 | 127.8 % |
| Operating Income | 1.27 | 3.74 | 195.0 % |
| Net Income | 1.20 | 3.24 | 170.7 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 0.47 | 1.28 | 170.7 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 13.64 | 14.90 | 9.3 % |
| Gross Income | 5.94 | 7.72 | 29.9 % |
| Operating Income | 3.47 | 3.74 | 7.7 % |
| Net Income | 3.03 | 3.24 | 6.7 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 1.20 | 1.28 | 6.7 % |
Q2 2022 net earnings stood at SAR 3.2 million, compared to SAR 1.20 million in the prior-year period, on higher revenue, and increased profit margins, despite higher Zakat provisions.
On a sequential basis, net profit was slightly up from SAR 3.03 million in Q1 2022.
Total shareholders’ equity, excluding minority interest, stood at SAR 15.718 million by the end of H1 2022, compared to SAR 7.359 million in the year-earlier period.
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