Sure posts 18% increase in profit to SAR 18.1 mln in 2021

26/09/2022 Argaam Exclusive

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Sure Global Technology Co. reported a net profit of SAR 18.1 million for 2021, an increase of 18% from SAR 15.4 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	134.80	185.43	37.6 %
Gross Income	37.84	41.16	8.8 %
Operating Income	19.12	21.86	14.4 %
Net Income	15.41	18.13	17.6 %
Average Shares	7.50	7.69	2.6 %
EPS (Riyals)	2.05	2.36	14.7 %

The increase was driven by a 38% year-on-year (YoY) rise in revenue and an 11% YoY decline in Zakat provision.

This came despite a 49% YoY increase in the cost of revenue, coupled with higher financing cost that reached SAR 562,000 in 2021 from 300,000 in the year before.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	78.85	133.06	68.8 %
Gross Income	24.16	22.86	(5.4 %)
Operating Income	13.15	11.97	(9.0 %)
Net Income	10.23	9.44	(7.8 %)
Average Shares	7.50	7.69	2.6 %
EPS (Riyals)	1.36	1.23	(10.1 %)

Item	H1 2021	H2 2021	Change‬
Revenues	52.38	133.06	154.0 %
Gross Income	18.30	22.86	24.9 %
Operating Income	9.89	11.97	21.0 %
Net Income	8.69	9.44	8.7 %
Average Shares	7.69	7.69	-
EPS (Riyals)	1.13	1.23	8.7 %

Shareholders’ equity (no minority interest) stood at SAR 81.67 million as of Dec. 31, 2021, from SAR 68.47 million a year earlier.

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