Saudi Networkers profit leaps 14% to SAR 32.3 mln in 2022

27/03/2023 Argaam Exclusive

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Saudi Networkers Services Co. (SNS) reported a 14% jump in 2022 net profit to SAR 32.3 million, compared to SAR 28.4 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	462.79	478.63	3.4 %
Gross Income	54.27	63.39	16.8 %
Operating Income	30.22	35.78	18.4 %
Net Income	28.34	30.10	6.2 %
Average Shares	6.00	6.00	-
EPS (Riyals)	4.72	5.02	6.2 %

The profit growth was spurred by higher revenue and additional cost savings.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	227.49	249.06	9.5 %
Gross Income	21.71	30.64	41.1 %
Operating Income	10.04	14.57	45.1 %
Net Income	10.36	9.52	(8.1 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.73	1.59	(8.1 %)

Item	H1 2022	H2 2022	Change‬
Revenues	229.57	249.06	8.5 %
Gross Income	32.75	30.64	(6.4 %)
Operating Income	21.21	14.57	(31.3 %)
Net Income	20.58	9.52	(53.7 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	3.43	1.59	(53.7 %)

Shareholders’ equity, after minority interest, rose to SAR 82.6 million as of Dec. 31, 2022, from SAR 57.3 million a year earlier.

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