Saudi Networkers posts 14% profit leap to SAR 20.6 mln in H1 2022

14/09/2022 Argaam Exclusive

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Saudi Networkers Services Co. (SNS) posted a jump of 14% in H1 2022 net profit after Zakat and tax to SAR 20.6 million, compared to SAR 18 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	235.31	229.57	(2.4 %)
Gross Income	32.56	32.75	0.6 %
Operating Income	20.18	21.21	5.1 %
Net Income	17.98	20.58	14.5 %
Average Shares	6.00	6.00	-
EPS (Riyals)	3.00	3.43	14.5 %

The higher profit was driven by the reversals of old accrual balances, related to accrued employees cost, which are no longer payable, along with some additional cost savings.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	235.31	229.57	(2.4 %)
Gross Income	32.56	32.75	0.6 %
Operating Income	20.18	21.21	5.1 %
Net Income	17.98	20.58	14.5 %
Average Shares	6.00	6.00	-
EPS (Riyals)	3.00	3.43	14.5 %

Item	H2 2021	H1 2022	Change‬
Revenues	227.49	229.57	0.9 %
Gross Income	21.71	32.75	50.8 %
Operating Income	10.04	21.21	111.2 %
Net Income	10.36	20.58	98.6 %
Average Shares	6.00	6.00	-
EPS (Riyals)	1.73	3.43	98.6 %

Shareholders’ equity, after minority interest, came in at SAR 66.804 million as of June 30, 2022, up from SAR 63.392 million a year earlier.

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