Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 833 million for 2021, a rise of 19% from SAR 702 million a year earlier.
The higher profit was spurred by an increase of 20.1% year-on-year (YoY) in gross profit due to a rise of 13.4% YoY in total revenue, despite a higher cost of revenue.
The revenues growth was primarily attributed to an increase of 19.9% YoY in revenue from IT and managed operational services, along with a rise of 7.4% and 13% YoY in core ICT and digital services, respectively.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 6,891.42 | 7,208.34 | 4.6 % |
| Gross Income | 1,421.97 | 1,707.97 | 20.1 % |
| Operating Income | 757.01 | 899.10 | 18.8 % |
| Net Income | 701.80 | 832.92 | 18.7 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 5.85 | 6.94 | 18.7 % |
The fourth-quarter net profit after Zakat and tax climbed 55% YoY to SAR 114.5 million.
On a sequential basis, net profit fell by 55.5% from SAR 257.17 million.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,750.05 | 1,452.88 | (17.0 %) |
| Gross Income | 311.61 | 423.73 | 36.0 % |
| Operating Income | 81.90 | 127.78 | 56.0 % |
| Net Income | 73.56 | 114.43 | 55.6 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.61 | 0.95 | 55.6 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,951.46 | 1,452.88 | (25.5 %) |
| Gross Income | 462.77 | 423.73 | (8.4 %) |
| Operating Income | 276.44 | 127.78 | (53.8 %) |
| Net Income | 257.17 | 114.43 | (55.5 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.14 | 0.95 | (55.5 %) |
Shareholders’ equity, excluding minority interest, rose by 18% to SAR 2.271 billion in 2021, from SAR 1.924 billion a year earlier.
Earnings before interest, taxes, Zakat, depreciation and amortization (EBITDA) jumped 28.4% to SAR 1.107 billion from SAR 862 million in 2020.
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