solutions’ H1 2022 profit climbs 21% to SAR 556 mln; Q2 up 7% to SAR 273 mln

01/08/2022 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 556 million in H1 2022, a rise of 21%, compared to SAR 461 million in the prior-year period.

This profit growth was motivated by a SAR 869 million year-on-year (YoY) increase in total revenue, which was offset by a higher revenue cost. The company also cited higher core ICT services, IT managed and operational services, as well as digital services.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	3,803.99	4,328.06	13.8 %
Gross Income	821.47	998.57	21.6 %
Operating Income	494.89	606.47	22.5 %
Net Income	461.32	556.00	20.5 %
Average Shares	120.00	120.00	-
EPS (Riyals)	3.84	4.63	20.5 %

The company’s Q2 2022 net profit after Zakat and tax rose 7% to SAR 273 million from SAR 256 million a year earlier, driven by a SAR 73 million YoY jump in gross profit, SAR 317 million YoY surge in revenues on 20.8% higher core ICT service and a 21.8% rise in IT managed and operational services.

On a sequential basis, net profit fell by 3.5% from SAR 282.92 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1,937.20	2,085.15	7.6 %
Gross Income	432.10	505.04	16.9 %
Operating Income	270.60	293.52	8.5 %
Net Income	256.12	273.09	6.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.13	2.28	6.6 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	2,242.90	2,085.15	(7.0 %)
Gross Income	493.53	505.04	2.3 %
Operating Income	312.95	293.52	(6.2 %)
Net Income	282.91	273.09	(3.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.36	2.28	(3.5 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 2.367 billion by the end of H1 2022, compared to SAR 2.065 billion in the year-earlier period.

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