solutions H1 2024 profit leaps 25% to SAR 806M; Q2 at SAR 453M

Arabian Internet and Communication Services Co. (solutions) posted a net profit of SAR 806 million for H1 2024, a rise of 25% from SAR 643.5 million a year earlier.

Revenues grew by SAR 202 million year-on-year (YoY) in H1 2024, driven by the 17.4% YoY increase in IT-managed and operational services. This was despite the YoY pullback in core ICT and digital services by 1.6% and 1.2%, respectively.

For the six-month period, operating expenses (opex) fell by SAR 48 million YoY, as a result of the SAR 7 million decrease in general and administrative expenses. Selling and distribution expenses also dropped by SAR 41 million, with Zakat and tax charges down by SAR 79 million during the same period.

Gross other revenue/(expenses) increased by SAR 58 million YoY in H1 2024, mainly due to the booking of net other revenue of SAR 26 million

The company reported a net profit of SAR 453 million in Q2 2024, a 33% leap from SAR 339.69 million in Q2 2023, driven by higher revenues as well as lower general, administrative, selling, and distribution expenses. This came although the cost of revenue soared by SAR 106 million for the three-month period.

On a sequential basis, Q2 2024 net earnings rose 28.2% from SAR 353.34 million, although the the topline declined on a quarterly basis by SAR 38 million amid a SAR 47 million quarter-on-quarter hike in opex.

Total shareholders’ equity, excluding minority interest, advanced to SAR 3.24 billion by the end of June 30, 2024, compared with SAR 2.78 billion a year earlier.

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