Financial Results : solutions 2023 profit grows 13% to SAR 1.19B; Q4 at SAR 162M

solutions 2023 profit grows 13% to SAR 1.19B; Q4 at SAR 162M

15/02/2024 Argaam Exclusive

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Arabian Internet and Communication Services Co. (solutions) posted a 13% rise in net profit to SAR 1.19 billion in 2023, compared to SAR 1.05 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 8,805.09 11,040.49 25.4 %
Gross Income 2,011.25 2,597.62 29.2 %
Operating Income 1,160.23 1,386.89 19.5 %
Net Income 1,052.87 1,192.15 13.2 %
Average Shares 120.00 120.00 -
EPS (Riyals) 8.77 9.93 13.2 %

The profit increase was mainly due to the SAR 587 million uptick in gross profit, as revenues grew year-on-year (YoY) by 25.4%. This was offset by the YoY rise in the cost of sales of SAR 1.64 million.

 

On the other hand, operating expenses climbed YoY by SAR 360 million in 2023. This came as both general and administration expenses soared YoY by SAR 110 million, with selling and distribution expenses also up YoY by SAR 250 million for the same year.

 

Zakat and tax expenses also increased YoY by SAR 92 million last year.

 

In Q4 2023, net profit fell 17.8% to SAR 162 million from SAR 197 million in Q4 2022.

 

On a sequential basis, solutions’ bottom line retreated 58.1% from SAR 386.65 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 2,437.88 2,868.29 17.7 %
Gross Income 513.71 464.10 (9.7 %)
Operating Income 240.38 204.23 (15.0 %)
Net Income 196.98 162.01 (17.8 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 1.64 1.35 (17.8 %)

Shareholders’ equity, before minority interest, came in at SAR 3.32 billion as of Dec. 31, 2023, up from SAR 2.81 billion a year earlier.

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