AICTEC posts 46% rise in 2022 profit to SAR 7.7 mln

23/03/2023 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 46% rise in 2022 net profit to SAR 7.7 million, from SAR 5.3 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	30.11	41.76	38.7 %
Gross Income	18.90	18.32	(3.1 %)
Operating Income	6.45	7.35	13.9 %
Net Income	5.25	7.66	46.0 %
Average Shares	64.00	64.00	-
EPS (Halala)	8.20	11.97	46.0 %

The profit growth was attributed to higher revenues from project services related to control and entry systems, security gates, metal detection, bags, sales of surveillance cameras, licenses of systems and programs developed by the company.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	17.34	20.72	19.5 %
Gross Income	8.54	7.51	(12.0 %)
Operating Income	1.86	2.65	42.6 %
Net Income	0.98	2.21	126.0 %
Average Shares	64.00	64.00	-
EPS (Halala)	1.53	3.46	126.0 %

Item	H1 2022	H2 2022	Change‬
Revenues	21.05	20.72	(1.6 %)
Gross Income	10.81	7.51	(30.5 %)
Operating Income	4.69	2.65	(43.4 %)
Net Income	5.45	2.21	(59.4 %)
Average Shares	64.00	64.00	-
EPS (Halala)	8.51	3.46	(59.4 %)

Shareholders’ equity, no minority interest, rose to SAR 34.25 million as of Dec. 31, 2022, up from SAR 26.71 million a year earlier.

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