Saudi Networkers profit up 22% to SAR 36.6M in 2023

25/03/2024 Argaam Exclusive

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Saudi Networkers Services Co. (SNS) reported an increase of 22% in 2023 net profit to SAR 36.6 million from SAR 30.1 million in the year-ago period.

Financials (M)

Item	2022	2023	Change‬
Revenues	478.63	554.65	15.9 %
Gross Income	63.39	73.74	16.3 %
Operating Income	35.78	43.18	20.7 %
Net Income	30.10	36.56	21.5 %
Average Shares	6.00	6.00	-
EPS (Riyals)	5.02	6.09	21.5 %

The profit increase is driven by higher revenues, which rose to SAR 554.7 million compared to SAR 478.6 million in 2022— an increase of SAR 76 million or 15.88%.

The surge in revenue is due to improved business activities with the existing customers and the addition of new customers.

The operational profit stood at SAR 43.2 million, from SAR 35.8 million a year earlier.

The positive performance is also due to a growth in revenue and improvement in profit margin, which resulted in an increase in earnings per share to SAR 6.1 compared to SAR 5.0 in the previous year.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	249.06	278.20	11.7 %
Gross Income	30.64	41.51	35.5 %
Operating Income	14.57	45.32	211.0 %
Net Income	9.52	40.89	329.4 %
Average Shares	6.00	6.00	-
EPS (Riyals)	1.59	6.81	329.4 %

Item	H1 2023	H2 2023	Change‬
Revenues	276.46	278.20	0.6 %
Gross Income	32.23	41.51	28.8 %
Operating Income	18.74	45.32	141.9 %
Net Income	16.55	40.89	147.1 %
Average Shares	6.00	6.00	-
EPS (Riyals)	2.76	6.81	147.1 %

Total shareholders’ equity, after minority interest, reached SAR 100.2 million as of Dec. 31, 2023, compared to SAR 87.5 million a year earlier.

Historical Data
Period	Revenue	Net Profit	EPS
H1 2021	235.31	17.98	3.00
H2 2021	227.48	10.36	1.72
H1 2022	229.57	20.58	3.43
H2 2022	249.06	9.51	1.58
H1 2023	276.46	16.55	2.76
H2 2023	278.19	20.01	3.33

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