Financial Results : Saudi Azm reports 26% profit growth to SAR 10.4M in Q1 2024/25

Saudi Azm reports 26% profit growth to SAR 10.4M in Q1 2024/25

05/11/2024 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 10.37 million in the first quarter of the fiscal year (FY) 2024/2025, a 26% rise from SAR 8.24 million in the year-earlier period.

 

Financial results summary (SAR mln)

Item

Q1 FY24/25

Q1 FY23/24

Change

Revenues

(SAR mln)

60.68

50.31

+20.6%

Net Income

(SAR mln)

10.38

8.24

+25.9%

Average shares

(mln shares)

60

60

-

EPS

(SAR / share)

0.17

0.13

+25.9%

Azm posted a 20.62% rise in revenues to SAR 60.68 million on winning new projects. It also posted a gross profit of SAR 3.88 million and other revenues of SAR 0.17 million.



However, it registered higher operating expenses, financing costs, as well as Zakat and income tax expenses at SAR 2.16 million, SAR 0.56 million, and SAR 0.15 million, respectively.

 

Shareholders’ equity, after excluding minority interest, amounted to SAR 98.73 million by the end of Q1 2024/2025, compared to SAR 77.55 million a year earlier.

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