Alqemam H1 2023 profit leaps 89% to SAR 1.4 mln

22/08/2023 Argaam Exclusive

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Alqemam for Computer Systems Co. reported a net profit of SAR 1.4 million in H1 2023, up 89% from SAR 747,000 in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	7.30	16.09	120.4 %
Gross Income	3.03	10.03	231.2 %
Operating Income	1.26	2.27	79.7 %
Net Income	0.75	1.41	88.9 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.25	0.47	88.9 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	7.30	16.09	120.4 %
Gross Income	3.03	10.03	231.2 %
Operating Income	1.26	2.27	79.7 %
Net Income	0.75	1.41	88.9 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.25	0.47	88.9 %

Item	H2 2022	H1 2023	Change‬
Revenues	20.87	16.09	(22.9 %)
Gross Income	14.17	10.03	(29.2 %)
Operating Income	14.03	2.27	(83.8 %)
Net Income	13.17	1.41	(89.3 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	4.39	0.47	(89.3 %)

This was driven by revenue growth due to improved operational efficiency as well as progress in achieving the company's strategy of enhancing its competitiveness.

Total shareholders equity, no minority interest, rose to SAR 53.41 million as of June 31, 2023, compared to SAR 39.24 million the previous year.

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