AICTEC profit drops 17% to SAR 4.5 mln in H1 2023

08/08/2023 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 17% drop in H1 2023 net profit to SAR 4.5 million, compared to SAR 5.5 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	21.05	23.23	10.4 %
Gross Income	10.81	10.64	(1.5 %)
Operating Income	4.69	4.34	(7.5 %)
Net Income	5.45	4.50	(17.3 %)
Average Shares	64.00	64.00	-
EPS (Halala)	8.51	7.03	(17.3 %)

AICTEC reported higher operating expenses (OpEx), as well as general and administrative expenses, despite better operating revenue. The cost of sales also increased on higher shipping and transportation costs.

The company said the operating revenue rose due to growth in the revenue from wholesale products related to control and access systems, security gates, metal detectors, baggage scanners, and surveillance cameras.

Shareholders’ equity, no minority interest, increased to SAR 38.75 million as of June 30, 2023, from SAR 32.15 million a year earlier.

Historical Data
Period	Revenue	Net Profit	EPS
H1 2020	11.05	1.55	0.48
H2 2020	21.78	7.43	2.33
H1 2021	12.77	4.27	1.33
H2 2021	17.34	0.98	0.31
H1 2022	21.92	5.45	1.70
H2 2022	20.71	2.21	0.69
H1 2023	23.23	4.5	1.41

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	21.05	23.23	10.4 %
Gross Income	10.81	10.64	(1.5 %)
Operating Income	4.69	4.34	(7.5 %)
Net Income	5.45	4.50	(17.3 %)
Average Shares	64.00	64.00	-
EPS (Halala)	8.51	7.03	(17.3 %)

Item	H2 2022	H1 2023	Change‬
Revenues	20.72	23.23	12.1 %
Gross Income	7.51	10.64	41.6 %
Operating Income	2.65	4.34	63.5 %
Net Income	2.21	4.50	103.4 %
Average Shares	64.00	64.00	-
EPS (Halala)	3.46	7.03	103.4 %

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