AICTEC profit drops 59% to SAR 3.1 mln in 2023

10/03/2024 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 59% fall in 2023 net profit to SAR 3.1 million, compared to SAR 7.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	41.76	47.28	13.2 %
Gross Income	18.32	17.62	(3.8 %)
Operating Income	7.35	3.21	(56.3 %)
Net Income	7.66	3.11	(59.4 %)
Average Shares	64.00	64.00	-
EPS (Halala)	11.97	4.85	(59.4 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	20.72	24.05	16.1 %
Gross Income	7.51	6.97	(7.2 %)
Operating Income	2.65	(1.13)	(142.6 %)
Net Income	2.21	(1.40)	(163.1 %)
Average Shares	64.00	64.00	-
EPS (Halala)	3.46	(2.18)	(163.1 %)

Item	H1 2023	H2 2023	Change‬
Revenues	23.23	24.05	3.5 %
Gross Income	10.64	6.97	(34.5 %)
Operating Income	4.34	(1.13)	(126.0 %)
Net Income	4.50	(1.40)	(131.0 %)
Average Shares	64.00	64.00	-
EPS (Halala)	7.03	(2.18)	(131.0 %)

The annual bottom line was hurt by a 26.5% year-on-year (YoY) increase in the cost of goods sold on higher charges for shipping, clearance, and goods.

Shareholders’ equity, no minority interest, increased to SAR 37.30 million as of Dec. 31, 2023, from SAR 34.25 million a year earlier.

Historical Data
Period	Revenue	Net Profit	EPS
H1 2020	11.05	1.55	0.02
H2 2020	21.78	7.43	0.12
H1 2021	12.77	4.27	0.07
H2 2021	17.34	0.98	0.02
H1 2022	21.05	5.45	0.09
H2 2022	20.71	2.21	0.03
H1 2023	23.23	4.50	0.07
H2 2023	24.05	(1.39)	(0.02)

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