Financial Results : Saudi Azm sees 21% profit hike to SAR 28M in FY 2023/24

Saudi Azm sees 21% profit hike to SAR 28M in FY 2023/24

29/08/2024 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 28 million for the fiscal year (FY) ended June 30, 2024, a 21% rise from SAR 23.1 million in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Revenues 170.83 217.64 27.4 %
Gross Income 38.47 57.82 50.3 %
Operating Income 17.33 27.68 59.7 %
Net Income 23.08 27.95 21.1 %
Average Shares 60.00 60.00 -
EPS (Halala) 38.47 46.58 21.1 %


Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 67.91 110.22 62.3 %
Gross Income 15.91 32.06 101.5 %
Operating Income 5.77 13.44 133.2 %
Net Income 12.10 14.53 20.1 %
Average Shares 60.00 60.00 -
EPS (Halala) 20.17 24.22 20.1 %

The annual profit hike was spurred by the SAR 19.35 million year-on-year (YoY) increase in gross profit. This came amid higher revenues due to winning new projects, coupled with the elevated investment in an associate of SAR 240,000.

 

However, for the same period, operating expenses and financing costs climbed YoY by SAR 9 million and SAR 370,000, respectively. Further, other revenues plunged by SAR 2.6 million YoY amid the leap in Zakat and income tax expenses by SAR 1.42 million.

 

Shareholders’ equity, after minority interest, amounted to SAR 88.44 million by the end of the 12-month period, compared to SAR 68.42 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020/2021

69.44

9.40

15.67

H2 2020/2021

65.70

6.14

10.22

H1 2021/2022

73.25

8.00

13.33

H2 2021/2022

79.31

11.11

18.51

H1 2022/2023

102.92

10.98

18.30

H2 2022/2023

87.45

12.10

20.17

H1 2023/2024

107.42

13.41

22.36

H2 2023/2024

217.64

28.2

47.00

 

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