Financial Results : Edarat profit rises 42% to SAR 24.7M in 2024; H2 at SAR 13.1M

Edarat profit rises 42% to SAR 24.7M in 2024; H2 at SAR 13.1M

02/02/2025 Argaam Exclusive

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Edarat Communication and Information Technology Co. posted a net profit rise of 42% to SAR 24.7 million in 2024, compared to SAR 17.3 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 80.24 104.57 30.3 %
Gross Income 34.59 45.31 31.0 %
Operating Income 19.79 27.75 40.2 %
Net Income 17.37 24.66 42.0 %
Average Shares 2.52 2.52 -
Earnings Per Share before unusual items 6.89 9.79 42.0 %
EPS (Riyals) 6.89 9.79 42.0 %

The profit growth was propelled by a 30.3% year-on-year (YoY) rise in revenue to SAR 104.57 million.

 

Gross profit leapt 31% YoY to SAR 45.3 million. Additionally, administrative expenses to total revenue dropped from 19.07% in 2023 to 16.71% in 2024, driving net profit growth.

 

Revenue of EdaratCloud rose 61% YoY in 2024. Additionally, the data center services witnessed an 11% YoY increase in the topline.

 

Strategic partnerships and new service offerings in both the cloud and data center segments played a crucial role in achieving this growth.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 40.37 58.95 46.0 %
Gross Income 17.88 24.69 38.1 %
Operating Income 10.78 15.22 41.2 %
Net Income 9.10 13.08 43.7 %
Average Shares 2.52 2.52 -
Earnings Per Share before unusual items 3.61 5.19 43.7 %
EPS (Riyals) 3.61 5.19 43.7 %

In H2 2024, net profit grew 44% to SAR 13.1 million from SAR 9.1million a year earlier.

 

Compared to the previous six-month period, earnings inched up 12.9% from SAR 11.58 million in H1 2024.

Total shareholders’ equity, no minority interest, stood at SAR 62.88 million as of Dec. 31, 2024, compared to SAR 39.03 million a year earlier.

 

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