WSM net profit up 34% to SAR 5.7M in 2023

WSM Information Technology Co. reported a net profit of SAR 5.7 million for 2023, an increase of 34% from SAR 4.2 million a year earlier.

The company expanded within Saudi Arabia, extending its reach beyond Riyadh to other regions, resulting in SAR  6.05 million revenue generated from new regions.

Furthermore, WSM diversified its service offerings to include managed services, establishment of operational units, and consultancy services, achieving revenue of SAR 16.62 million from these services in 2023.

Additionally, the company began generating revenue from a new product called "PAS," which constitutes one of its intangible assets. This new product brought in revenue amounting to SAR 263,878 starting from November 2023.

The company reported a rise in total revenue costs for 2023, compared to 2022. Given that managed services and consultancy services rely primarily on human capital, this led to an increase in the number of employees required by the company to deliver these services.

Additionally, the company appointed qualified executive leadership to fill leadership positions within the company in 2023.

WSM also recorded an increase in financing expenses to SAR 347,028 in 2023, compared to SAR 60,863 in 2022.

Additionally, the company recorded an increase in expected credit loss provisions in 2023 to SAR 477,877, compared to SAR 130,225 in 2022.

Furthermore, the company reported a decrease in investment revenues, which amounted to SAR 8,749 in 2023, compared to SAR 1.34 billion in 2022.

Total shareholders’ equity, after minority interest, stood at SAR 34.09 million as of Dec. 31, 2023, from SAR 28.65 million a year earlier.

The gross income for the current period amounted to SAR 5.43 million, compared to SAR 4.10 million a year earlier.

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