Edarat posts 32% rise in H1 2023 profit to SAR 8.3 mln

27/07/2023 Argaam Exclusive

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Edarat Communication and Information Technology Co. posted a 32% profit leap to SAR 8.3 million in H1 2023 from SAR 6.3 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	28.54	39.87	39.7 %
Gross Income	13.65	16.72	22.5 %
Operating Income	7.21	9.01	25.0 %
Net Income	6.27	8.27	31.8 %
Average Shares	2.52	2.52	-
EPS (Riyals)	2.49	3.28	31.8 %

The positive performance was driven by an increase in overall revenues by 39.69% year-on-year (YoY), as revenues in EdaratCloud services grew significantly by 126 YoY%. Further, Edarat reported a steady growth of 30% YoY in data center services compared to the same period of 2022.

The higher profit came despite the company’s continuous investment in cloud infrastructure expansions and human capital to support the business growth.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	28.54	39.87	39.7 %
Gross Income	13.65	16.72	22.5 %
Operating Income	7.21	9.01	25.0 %
Net Income	6.27	8.27	31.8 %
Average Shares	2.52	2.52	-
EPS (Riyals)	2.49	3.28	31.8 %

Item	H2 2022	H1 2023	Change‬
Revenues	30.35	39.87	31.4 %
Gross Income	10.15	16.72	64.7 %
Operating Income	7.11	9.01	26.8 %
Net Income	6.33	8.27	30.6 %
Average Shares	2.52	2.52	-
EPS (Riyals)	2.51	3.28	30.6 %

Shareholders’ equity, no minority interest, increased to SAR 29.72 million as of June 30, 2023, from SAR 15.71 million a year earlier.

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