Saudi Azm net profit leaps 24.1% to SAR 14M in H1 2023/24

27/02/2024 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 14 million for the first half ended Dec. 31, 2023, leaping 24.1% from SAR 11.3 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	102.92	107.42	4.4 %
Gross Income	22.56	25.76	14.2 %
Operating Income	11.56	14.23	23.1 %
Net Income	10.98	13.41	22.2 %
Average Shares	60.00	60.00	-
EPS (Halala)	18.30	22.36	22.2 %

The profit growth was driven by a SAR 3.2 million increase in gross profit on higher revenues. The company also cited higher other income by SAR 1.36 million.

However, operating expenses increased by SAR 0.53 million, while investment in an associate fell by SAR 0.54 million. Financing costs went up SAR 0.47 million. Zakat and tax expenses also increased by SAR 0.29 million.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	102.92	107.42	4.4 %
Gross Income	22.56	25.76	14.2 %
Operating Income	11.56	14.23	23.1 %
Net Income	10.98	13.41	22.2 %
Average Shares	60.00	60.00	-
EPS (Halala)	18.30	22.36	22.2 %

Item	H2 2023	H1 2024	Change‬
Revenues	67.91	107.42	58.2 %
Gross Income	15.91	25.76	61.9 %
Operating Income	5.77	14.23	146.9 %
Net Income	12.10	13.41	10.8 %
Average Shares	60.00	60.00	-
EPS (Halala)	20.17	22.36	10.8 %

Total shareholders’ equity, excluding minority interest, amounted to SAR 82.6 million at the end of the current period, compared to SAR 57.7 million a year earlier.

Azm Interim Financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020/21	69.44	9.40	15.67
H2 2020/21	65.70	6.14	10.22
H1 2021/22	73.25	8.00	13.33
H2 2021/22	79.31	11.11	18.51
H1 2022/23	102.92	10.98	18.30
H2 2022/23	87.45	12.10	20.17
H1 2023/24	107.42	13.80	23.00

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