solutions net profit surges 19% to SAR 856 mln in 9M 2022, Q3 up 17% to SAR 300 mln

26/10/2022 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 856 million in the first nine months of 2022, a 19% increase from SAR 718 million in the year-ago period.

The profit increase was driven by increased revenue of SAR 1.145 billion due to higher core telecom and information technology (IT) services by 25.1%, managed IT and operation services by 18.0% and digital services by 8.8%.

Meanwhile, solutions reported a SAR 17 million surge in other income.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	5,755.45	6,367.21	10.6 %
Gross Income	1,284.24	1,497.54	16.6 %
Operating Income	771.33	919.85	19.3 %
Net Income	718.49	855.89	19.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	5.99	7.13	19.1 %

In Q3 2022, the net profit after Zakat and tax saw a 17% increase to SAR 300 million, from SAR 257.2 million in the year before.

Sequentially, solutions’ net profit rose 10% from SAR 273.1 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	1,951.46	2,039.15	4.5 %
Gross Income	462.77	498.97	7.8 %
Operating Income	276.44	313.38	13.4 %
Net Income	257.17	299.89	16.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.14	2.50	16.6 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	2,085.15	2,039.15	(2.2 %)
Gross Income	505.04	498.97	(1.2 %)
Operating Income	293.52	313.38	6.8 %
Net Income	273.09	299.89	9.8 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.28	2.50	9.8 %

Shareholders’ equity, no minority interest, grew to SAR 2.678 billion as of Sept. 30, 2022, from SAR 2.141 billion in the year-earlier period.

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