Financial Results : solutions Q1 2023 profit rises 7% to SAR 304 mln

solutions Q1 2023 profit rises 7% to SAR 304 mln

07/05/2023 Argaam Exclusive

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Arabian Internet and Communication Services Co. (solutions) posted a net profit of SAR 304 million for Q1 2022, a rise of 7% from SAR 283 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,242.90 2,676.27 19.3 %
Gross Income 493.53 606.16 22.8 %
Operating Income 312.95 356.97 14.1 %
Net Income 282.91 303.81 7.4 %
Average Shares 120.00 120.00 -
EPS (Riyals) 2.36 2.53 7.4 %

The profit growth was mainly due to a rise in gross profit of SAR 112 million. This was as a result of a SAR 433 million revenue increase, which was offset by a jump in the cost of revenue of SAR 321 million.

 

On the other hand, operating expenses grew by SAR 69 million, as general and administration expenses rose by SAR 25 million. Selling and distribution expenses also surged SAR 43 million.

 

In addition, Zakat and tax charge added SAR 14 million.

 

 

On a sequential basis, Q1 2023 net profit rose 54.3% from SAR 196.98 million.

 

Total shareholders’ equity, excluding minority interest, reached SAR 3.01 billion by the end of the period, compared with SAR 2.53 billion a year earlier.

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