Rasan reclassifies revenue, cost of sales for 2025 comparative periods

Logo of Rasan Information Technology Co.

Rasan Information Technology Co. said that following approval of its financial results announcement dated Aug. 10, 2026, certain items were reclassified between revenue and cost of sales for the 2025 comparative periods, with some amounts previously presented on a net basis now presented on a gross basis.

In a statement to Tadawul, the company said that as part of completing the preparation of its interim financial statements and their review by the external auditor, certain figures reported in the previous disclosure needed to be corrected.

Accordingly, sales revenue for the six-month period ended June 30, 2025, became SAR 285 million, versus SAR 245 million previously reported, bringing the year-on-year (YoY) revenue growth for the six-month period ended June 30, 2026, to 82%.

Additionally, sales revenue for the three-month period ended June 30, 2025, was adjusted to SAR 146 million, versus SAR 124 million previously reported. Accordingly, the YoY revenue growth for the three-month period was 75%.

The company noted that the impact of the 2026 reclassification on increasing revenue will be reflected in the upcoming financial statements.

The company said the reclassification increased reported revenue and cost of sales by equal amounts, by about SAR 40 million for the six-month period ended June 30, 2025, and about SAR 22 million for the three-month period ended June 30, 2025, with no change to gross profit.

Meanwhile, the correction relates solely to the reclassification and presentation of certain amounts between revenue and cost of sales for the three- and six-month periods ended June 30, 2025. It has no impact on the company’s gross profit, operating profit, net profit, total comprehensive income, cash flows, equity or financial position for any period.

The impact of the 2026 reclassification will be reflected in subsequent periods, increasing reported revenue and cost of revenue by equal amounts, with no change to gross or net profit, the statement added.

According to Argaam data, Rasan’s net profit rose to SAR 174.1 million in H1 2026, compared with SAR 64.9 million in H1 2025. Revenue for H1 2026 amounted to SAR 517.5 million.