Saudi Azm net profit up 23% to SAR 23.4 mln in H2 2022/23

28/09/2023 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 23.4 million for the second half ended June 30, 2023, a 23% increase from SAR 19.1 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	152.56	170.83	12.0 %
Gross Income	30.81	38.47	24.9 %
Operating Income	14.52	17.33	19.3 %
Net Income	19.10	23.08	20.8 %
Average Shares	60.00	60.00	-
EPS (Halala)	31.84	38.47	20.8 %

The profit rise was spurred by a 24.78% increase YoY in revenues to SAR 190.36 million, which led to a 24.87% growth in gross profit to SAR 38.47 million. Other income also increased to SAR 7.66 million YoY.

Total shareholders’ equity, no minority interest, stood at SAR 68.42 million as of June 30, 2023, compared to SAR 51.83 million in the year-ago period.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	79.31	67.91	(14.4 %)
Gross Income	15.12	15.91	5.2 %
Operating Income	5.76	5.77	0.0 %
Net Income	11.11	12.10	9.0 %
Average Shares	60.00	60.00	-
EPS (Halala)	18.51	20.17	9.0 %

Item	H1 2023	H2 2023	Change‬
Revenues	102.92	67.91	(34.0 %)
Gross Income	22.56	15.91	(29.5 %)
Operating Income	11.56	5.77	(50.1 %)
Net Income	10.98	12.10	10.2 %
Average Shares	60.00	60.00	-
EPS (Halala)	18.30	20.17	10.2 %

Historical Financial Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020/2021	69.44	9.40	0.16
H2 2020/2021	65.70	6.14	0.10
H1 2021/2022	73.25	8.00	0.13
H2 2021/2022	79.31	11.11	0.19
H1 2022/2023	102.92	10.98	0.18
H2 2022/2023	87.45	12.42	0.21

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