Edarat’s H1 2022 profit rises to SAR 6.3 mln; Q2 at SAR 3.2 mln

04/12/2022 Argaam Exclusive

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Edarat Communications and Information Technology Co. (Edarat), which is set to be listed on Nomu-Parallel Market, reported a net profit of SAR 6.3 million for H1 2022, compared to SAR 832,000 in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	10.83	28.54	163.5 %
Gross Income	3.84	13.65	255.4 %
Operating Income	0.97	7.21	643.1 %
Net Income	0.83	6.27	653.5 %
Average Shares	2.52	2.52	-
EPS (Riyals)	0.33	2.49	653.5 %

This profit surge was attributed to a more than two-fold increase year-on-year (YoY) in revenue, while gross profit margins grew to 48% compared to 35% in the year-earlier period. Operating margins jumped to 25%, from 9% in H1 2021.

This profit increase was offset by higher Zakat provisions.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	10.83	28.54	163.5 %
Gross Income	3.84	13.65	255.4 %
Operating Income	0.97	7.21	643.1 %
Net Income	0.83	6.27	653.5 %
Average Shares	2.52	2.52	-
EPS (Riyals)	0.33	2.49	653.5 %

Item	H2 2021	H1 2022	Change‬
Revenues	26.50	28.54	7.7 %
Gross Income	8.95	13.65	52.5 %
Operating Income	6.50	7.21	10.8 %
Net Income	5.65	6.27	11.1 %
Average Shares	2.52	2.52	-
EPS (Riyals)	2.24	2.49	11.1 %

Q2 2022 net earnings stood at SAR 3.2 million, compared to SAR 1.20 million in the prior-year period, on higher revenue, and increased profit margins, despite higher Zakat provisions.

On a sequential basis, net profit was slightly up from SAR 3.03 million in Q1 2022.

Total shareholders’ equity, excluding minority interest, stood at SAR 15.718 million by the end of H1 2022, compared to SAR 7.359 million in the year-earlier period.

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