Networkers profit drops 28% YoY to SAR 28 mln in 2021

22/06/2022 Argaam Exclusive

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Saudi Networkers Services Co., which is under listing in Nomu-Parallel Market – posted a 28% decline in net profit to SAR 28 million by the end of 2021, compared to SAR 39 million profit in the corresponding period a year ago.

Financials (M)

Item	2020	2021	Change‬
Revenues	468.17	462.79	(1.1 %)
Gross Income	69.13	54.27	(21.5 %)
Operating Income	44.03	30.22	(31.4 %)
Net Income	39.10	28.34	(27.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	6.52	4.72	(27.5 %)

The profit decline year-on-year (YoY) was attributed to the following: A rise in cost of revenues by 4% YoY, an increase in debt provisions to SAR 2 million, from SAR 510,000 in 2020, and a 29% YoY decline in operating income.

This came despite the rise in revenues and other revenues, as well as drop in financing charges.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬

Item	H1 2021	H2 2021	Change‬
Revenues	235.31	227.49	(3.3 %)
Gross Income	32.56	21.71	(33.3 %)
Operating Income	20.18	10.04	(50.3 %)
Net Income	17.98	10.36	(42.4 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	3.00	1.73	(42.4 %)

Shareholders’ equity (excluding minority interests) amounted to SAR 57.31 million in 2021, compared to SAR 50.39 million in the same period of 2020.

Meanwhile, the company's revenues amounted to SAR 462.792 million from operations in the Kingdom and SAR 10.459 million from Algeria operations in 2021, compared to SAR 454.441 million and SAR 13.726 million, respectively in the year-ago period.

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