Sure profit up 33% to SAR 24.1 mln in 2022

26/03/2023 Argaam Exclusive

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Sure Global Tech Co. posted a net profit of SAR 24.1 million in 2022, a 33% increase from SAR 18.1 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	185.43	207.67	12.0 %
Gross Income	41.16	51.41	24.9 %
Operating Income	21.86	26.80	22.6 %
Net Income	18.13	24.08	32.8 %
Average Shares	7.69	7.69	-
EPS (Riyals)	2.36	3.13	32.8 %

The positive performance was driven by a 12% increase in revenues driven by the product segment, where the customer base expanded leading to a larger market share. In addition, revenues grew in the infrastructure segment and professional and digital services segment.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	133.06	95.22	(28.4 %)
Gross Income	22.86	27.02	18.2 %
Operating Income	11.97	12.25	2.3 %
Net Income	9.44	10.89	15.4 %
Average Shares	7.69	7.69	-
EPS (Riyals)	1.23	1.42	15.4 %

Item	H1 2022	H2 2022	Change‬
Revenues	112.45	95.22	(15.3 %)
Gross Income	24.40	27.02	10.7 %
Operating Income	14.55	12.25	(15.8 %)
Net Income	13.18	10.89	(17.4 %)
Average Shares	7.69	7.69	-
EPS (Riyals)	1.71	1.42	(17.4 %)

Shareholders’ equity, no minority interest, stood at SAR 96.06 million as of Dec. 31, 2022, compared to SAR 81.67 million a year earlier.

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