solutions 2021 net profit up 19% to SAR 833 mln; Q4 hits SAR 114.5 mln

15/02/2022 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 833 million for 2021, a rise of 19% from SAR 702 million a year earlier.

The higher profit was spurred by an increase of 20.1% year-on-year (YoY) in gross profit due to a rise of 13.4% YoY in total revenue, despite a higher cost of revenue.

The revenues growth was primarily attributed to an increase of 19.9% YoY in revenue from IT and managed operational services, along with a rise of 7.4% and 13% YoY in core ICT and digital services, respectively.

Financials (M)

Item	2020	2021	Change‬
Revenues	6,891.42	7,208.34	4.6 %
Gross Income	1,421.97	1,707.97	20.1 %
Operating Income	757.01	899.10	18.8 %
Net Income	701.80	832.92	18.7 %
Average Shares	120.00	120.00	-
EPS (Riyals)	5.85	6.94	18.7 %

The fourth-quarter net profit after Zakat and tax climbed 55% YoY to SAR 114.5 million.

On a sequential basis, net profit fell by 55.5% from SAR 257.17 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	1,750.05	1,452.88	(17.0 %)
Gross Income	311.61	423.73	36.0 %
Operating Income	81.90	127.78	56.0 %
Net Income	73.56	114.43	55.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.61	0.95	55.6 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	1,951.46	1,452.88	(25.5 %)
Gross Income	462.77	423.73	(8.4 %)
Operating Income	276.44	127.78	(53.8 %)
Net Income	257.17	114.43	(55.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.14	0.95	(55.5 %)

Shareholders’ equity, excluding minority interest, rose by 18% to SAR 2.271 billion in 2021, from SAR 1.924 billion a year earlier.

Earnings before interest, taxes, Zakat, depreciation and amortization (EBITDA) jumped 28.4% to SAR 1.107 billion from SAR 862 million in 2020.

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