Sure profit up 21% to SAR 15.9 mln in H1 2023

28/08/2023 Argaam Exclusive

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Sure Global Tech Co. posted a net profit of SAR 15.9 million in H1 2023, a 21% increase from SAR 13.2 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	112.45	82.67	(26.5 %)
Gross Income	24.40	28.88	18.4 %
Operating Income	14.55	16.98	16.7 %
Net Income	13.18	15.92	20.7 %
Average Shares	7.69	7.69	-
EPS (Riyals)	1.71	2.07	20.7 %

The profit growth was driven by a decline in the cost of revenues and other revenues. This was despite a 26% fall in total revenues compared with the same period a year ago.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	112.45	82.67	(26.5 %)
Gross Income	24.40	28.88	18.4 %
Operating Income	14.55	16.98	16.7 %
Net Income	13.18	15.92	20.7 %
Average Shares	7.69	7.69	-
EPS (Riyals)	1.71	2.07	20.7 %

Item	H2 2022	H1 2023	Change‬
Revenues	95.22	82.67	(13.2 %)
Gross Income	27.02	28.88	6.9 %
Operating Income	12.25	16.98	38.6 %
Net Income	10.89	15.92	46.1 %
Average Shares	7.69	7.69	-
EPS (Riyals)	1.42	2.07	46.1 %

Shareholders’ equity, no minority interest, stood at SAR 101.72 million as of June 30, 2023, compared to SAR 84.59 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2020	55.95	5.18	1.01
H2 2020	78.85	10.23	1.99
H1 2021	52.38	8.69	1.69
H2 2021	133.05	9.44	1.84
H1 2022	112.45	13.18	2.57
H2 2022	95.22	10.9	2.13
H1 2023	82.67	15.92	3.10

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