Financial Results : solutions Q1 2022 profit rises 38% to SAR 283 mln

solutions Q1 2022 profit rises 38% to SAR 283 mln

19/04/2022 Argaam Exclusive

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Arabian Internet and Communication Services Co. (solutions) posted a net profit after Zakat and tax of SAR 283 million for Q1 2022, a rise of 38% compared with SAR 205 million a year earlier.

 

The profit growth was mainly due to the increase in gross profit by SAR 104 million as a result of the rise in total revenue by SAR 552 million, which was offset by higher cost of revenue



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 1,866.79 2,242.90 20.1 %
Gross Income 389.38 493.53 26.7 %
Operating Income 224.29 312.95 39.5 %
Net Income 205.20 282.91 37.9 %
Average Shares 120.00 120.00 -
EPS (Riyals) 1.71 2.36 37.9 %

On a sequential basis, Q1 2022 net profit more than doubled from SAR 114 million.

 

Total shareholders’ equity, excluding minority interest, reached SAR 2.535 billion at the end of the period, compared with SAR 1.808 billion a year earlier.

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