Saudi Networkers makes SAR 16.5 mln profit in H1 2023

08/08/2023 Argaam Exclusive

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Saudi Networkers Services Co. (SNS) reported a drop of 20% in H1 2023 net profit to SAR 16.5 million from SAR 20.6 million in the year-ago period, on the one-off reversals of old accrual balances in June 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	229.57	276.46	20.4 %
Gross Income	32.75	32.23	(1.6 %)
Operating Income	21.21	18.74	(11.7 %)
Net Income	20.58	16.55	(19.6 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	3.43	2.76	(19.6 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	229.57	276.46	20.4 %
Gross Income	32.75	32.23	(1.6 %)
Operating Income	21.21	18.74	(11.7 %)
Net Income	20.58	16.55	(19.6 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	3.43	2.76	(19.6 %)

Item	H2 2022	H1 2023	Change‬
Revenues	249.06	276.46	11.0 %
Gross Income	30.64	32.23	5.2 %
Operating Income	14.57	18.74	28.6 %
Net Income	9.52	16.55	73.8 %
Average Shares	6.00	6.00	-
EPS (Riyals)	1.59	2.76	73.8 %

Total shareholders’ equity, no minority interest, reached SAR 85.20 million as of June 30, 2023, compared to SAR 66.80 million a year earlier.

Historical Data
Period	Revenue	Net Profit	EPS
H1 2021	235.30	17.98	3.00
H2 2021	227.48	10.36	1.72
H1 2022	229.57	20.57	3.43
H2 2022	249.06	11.76	1.96
H1 2023	276.46	16.54	2.76

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