Alqemam profit climbs 36% to SAR 18.9M in 2023

31/03/2024 Argaam Exclusive

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Alqemam for Computer Systems Co. reported a 36% profit jump to SAR 18.9 million in 2023, compared to SAR 13.9 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	28.17	51.89	84.2 %
Gross Income	17.20	33.70	95.9 %
Operating Income	15.29	21.25	39.0 %
Net Income	13.92	18.88	35.6 %
Average Shares	3.00	3.00	-
EPS (Riyals)	4.64	6.29	35.6 %

The profit growth was fueled by a rise of 84.16% year-on-year (YoY) in revenue to SAR 51.88 million, thanks to improved operational efficiency, the expanded customer base, as well as offerings of new products and services. In addition, the company adopted a client-centric approach, which led to an increase in projects and contracts awarded.

The company’s business and sales in the key areas of customers and the commercial expansion also contributed to the profit growth. Alqemam secured contracts worth SAR 20 million for computer program development, IT systems projects, and digital transformation initiatives in the Aseer region.

It also signed an information technology and digital transformation contract with the Federation of Saudi Chambers in Riyadh and secured a contract to implement digital transformation standards with the Emirate of Al-Jouf. These contracts had a positive impact on revenues, which reached SAR 51.9 million, compared to SAR 28.2 million in the previous year.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	20.87	35.80	71.5 %
Gross Income	14.17	23.67	67.0 %
Operating Income	14.03	18.98	35.3 %
Net Income	13.17	17.47	32.6 %
Average Shares	3.00	3.00	-
EPS (Riyals)	4.39	5.82	32.6 %

Item	H1 2023	H2 2023	Change‬
Revenues	16.09	35.80	122.5 %
Gross Income	10.03	23.67	135.9 %
Operating Income	2.27	18.98	735.9 %
Net Income	1.41	17.47	1137.3 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.47	5.82	1137.3 %

Further, operating profits also jumped 38.9% YoY to SAR 21.24 million.

Shareholders’ equity, no minority interest, rose to SAR 18.86 million as of Dec. 31, 2023, compared to SAR 13.43 million a year earlier.

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