solutions net profit jumps 27% to SAR 1.05 bln in 2022; Q4 at SAR 198.1 mln

16/02/2023 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a 27% rise in net profit after Zakat and tax to SAR 1.05 billion in 2022, compared to SAR 833 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	7,208.34	8,805.09	22.2 %
Gross Income	1,707.97	2,011.25	17.8 %
Operating Income	899.10	1,160.23	29.0 %
Net Income	832.92	1,052.87	26.4 %
Average Shares	120.00	120.00	-
EPS (Riyals)	6.94	8.77	26.4 %

The company cited an increase in gross profit by SAR 303 million as revenue grew by SAR 1.59 billion year-on-year (YoY). This was offset by an increase of SAR 1.29 billion in the cost of revenues.

Revenue mainly improved due to a 30% YoY increase in core ICT services. Revenue from IT managed and operational services and digital services rose 19.4% and 7.4% YoY, respectively.

On the other hand, operating expenses rose by SAR 42 million YoY as general and administrative expenses increased by SAR 143 million. Zakat and tax expenses saw an increase of SAR 47 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	1,452.88	2,437.88	67.8 %
Gross Income	423.73	513.71	21.2 %
Operating Income	127.78	240.38	88.1 %
Net Income	114.43	196.98	72.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.95	1.64	72.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	2,039.15	2,437.88	19.6 %
Gross Income	498.97	513.71	3.0 %
Operating Income	313.38	240.38	(23.3 %)
Net Income	299.89	196.98	(34.3 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.50	1.64	(34.3 %)

In Q4 2022, net profit after Zakat and tax leapt by 73% to SAR 198.1 million, from SAR 114.43 million in Q4 2021.

solutions’ net profit dropped 33.9% from SAR 299.89 million in Q3 2022.

Shareholders’ equity, after minority interest, grew to SAR 2.79 billion as of Dec. 31, 2022, from SAR 2.27 billion in 2021.

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