Financial Results : Edarat reports 40% rise in H1 2024 profit to SAR 11.6M

Edarat reports 40% rise in H1 2024 profit to SAR 11.6M

04/08/2024 Argaam Exclusive

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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.

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.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 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 %

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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