Saudi Azm net profit down 15% to SAR 8 mln in H1 2021/22

11/05/2022 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit after Zakat and tax of SAR 8 million for the first half ended Dec. 31, 2021, a 15% decline from SAR 9.4 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	69.44	73.25	5.5 %
Gross Income	14.21	15.69	10.4 %
Operating Income	10.03	8.75	(12.8 %)
Net Income	9.40	8.00	(15.0 %)
Average Shares	60.00	60.00	-
EPS (Halala)	15.67	13.33	(15.0 %)

The profit decline is attributed to higher general and administrative expenses, since the company increased its technical and sales capabilities by establishing new business units to meet the expected demand for its services in the coming period.

Meanwhile, the advisory and professional expenses increased due to the company’s listing on Nomu- Parallel Market.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	69.44	73.25	5.5 %
Gross Income	14.21	15.69	10.4 %
Operating Income	10.03	8.75	(12.8 %)
Net Income	9.40	8.00	(15.0 %)
Average Shares	60.00	60.00	-
EPS (Halala)	15.67	13.33	(15.0 %)

Item	H2 2021	H1 2022	Change‬
Revenues	65.70	73.25	11.5 %
Gross Income	15.02	15.69	4.5 %
Operating Income	6.42	8.75	36.3 %
Net Income	6.13	8.00	30.4 %
Average Shares	60.00	60.00	-
EPS (Halala)	10.22	13.33	30.4 %

Total shareholders’ equity, excluding minority interest, rose 27.3% to SAR 41.44 million in H1 2021/22, compared to SAR 32.55 million in the year-ago period.

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