AICTEC posts 28% rise in H1 2022 net profit to SAR 5.4 mln

22/08/2022 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a rise of 28% in H1 2022 net profit after Zakat and tax to SAR 5.4 million, compared to SAR 4.3 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	12.77	21.05	64.8 %
Gross Income	10.35	10.81	4.4 %
Operating Income	4.59	4.69	2.3 %
Net Income	4.27	5.45	27.6 %
Average Shares	64.00	64.00	-
EPS (Halala)	6.67	8.51	27.6 %

The profit growth was driven by higher sales in the six-month period.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	12.77	21.05	64.8 %
Gross Income	10.35	10.81	4.4 %
Operating Income	4.59	4.69	2.3 %
Net Income	4.27	5.45	27.6 %
Average Shares	64.00	64.00	-
EPS (Halala)	6.67	8.51	27.6 %

Item	H2 2021	H1 2022	Change‬
Revenues	17.34	21.05	21.4 %
Gross Income	8.54	10.81	26.5 %
Operating Income	1.86	4.69	152.0 %
Net Income	0.98	5.45	456.0 %
Average Shares	64.00	64.00	-
EPS (Halala)	1.53	8.51	456.0 %

Total shareholders’ equity, after minority interest, increased to SAR 32.153 million as of June 30, 2022, from SAR 25.511 million a year earlier.

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