Edarat Communication and Information Technology Co. posted a 40% profit jump to SAR 11.6 million in H1 2024 from SAR 8.3 million in the year-earlier period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 39.87 | 45.62 | 14.4 % |
| Gross Income | 16.72 | 20.62 | 23.3 % |
| Operating Income | 9.01 | 12.53 | 39.1 % |
| Net Income | 8.27 | 11.58 | 40.1 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 3.28 | 4.60 | 40.1 % |
The positive performance was driven by an increase in overall revenues by 14.4% year-on-year (YoY) to SAR 45.6 million in H1 2024 from SAR 39.9 million in H1 2023, as revenues in EdaratCloud services grew significantly by 61% YoY.
Gross profit margin in cloud computing services rose from 13%, or SAR 1.7 million in H1 2023, to 32%, or SAR 6.7 million in H1 2024, marking a 288% annual growth rate.
Meanwhile, data center services posted a gross profit margin of 57%.
Overhead and administrative expenses dropped to 17.7% in H1 2024 from 19.3% in the same period of 2023.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 20.11 | 28.01 | 39.3 % |
| Gross Income | 9.47 | 14.70 | 55.2 % |
| Operating Income | 5.81 | 10.47 | 80.3 % |
| Net Income | 5.37 | 9.66 | 79.8 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 2.13 | 3.83 | 79.8 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 17.61 | 28.01 | 59.1 % |
| Gross Income | 5.92 | 14.70 | 148.4 % |
| Operating Income | 2.07 | 10.47 | 406.8 % |
| Net Income | 1.92 | 9.66 | 402.2 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 0.76 | 3.83 | 402.2 % |
Operating profit rose by 33.8% YoY to SAR 12.8 million with a margin of 28% in H1 2024, compared to SAR 9.5 million and a margin of 24% in H1 2023.
Total shareholders’ equity, with no minority interest, stood at SAR 49.64 million as of June 30, 2024, compared to SAR 29.72 million a year earlier.
|
Quarterly Financial Statements History |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
10.83 |
0.83 |
0.33 |
|
H2 2021 |
26.50 |
5.65 |
2.24 |
|
H1 2022 |
28.54 |
6.27 |
2.49 |
|
H2 2022 |
30.35 |
6.33 |
2.51 |
|
H1 2023 |
39.87 |
8.27 |
3.28 |
|
H2 2023 |
40.37 |
9.1 |
3.61 |
|
H1 2024 |
45.62 |
11.58 |
4.6 |
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