solutions 9M 2023 profit grows 20% to SAR 1.03 bln; Q3 at SAR 387 mln

29/10/2023 Argaam Exclusive

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Arabian Internet and Communication Services Co. (solutions) posted a 20% rise in net profit to SAR 1.03 billion in the first nine months of 2023, compared to SAR 856 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	6,367.21	8,172.20	28.3 %
Gross Income	1,497.54	2,133.51	42.5 %
Operating Income	919.85	1,182.66	28.6 %
Net Income	855.89	1,030.14	20.4 %
Average Shares	120.00	120.00	-
EPS (Riyals)	7.13	8.58	20.4 %

The higher profit was spurred by better revenues, which were primarily driven by a rise of 29.5% YoY in core ICT services. IT Managed and operational services’ revenues leapt 40.8% YoY, followed by digital services (8.4%).

In the three-month period, net profit climbed 29% to SAR 387 million from SAR 299.89 million in Q3 2022.

On a sequential basis, solutions’ bottom line grew 13.9% from SAR 339.69 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	2,039.15	2,794.64	37.0 %
Gross Income	498.97	795.69	59.5 %
Operating Income	313.38	438.44	39.9 %
Net Income	299.89	386.65	28.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.50	3.22	28.9 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	2,701.29	2,794.64	3.5 %
Gross Income	731.67	795.69	8.7 %
Operating Income	387.25	438.44	13.2 %
Net Income	339.69	386.65	13.8 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.83	3.22	13.8 %

Shareholders’ equity, before minority interest, came in at SAR 3.17 billion as of Sept. 30, 2023, up from SAR 2.67 billion a year earlier

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