Arabian Internet and Communications Services Co. (solutions) reported a net profit of SAR 353 million in Q1 2024, up 16% from SAR 304 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2,676.27 | 2,809.00 | 5.0 % |
| Gross Income | 606.16 | 619.00 | 2.1 % |
| Operating Income | 356.97 | 370.00 | 3.7 % |
| Net Income | 303.81 | 353.00 | 16.2 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.53 | 2.94 | 16.2 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2,868.29 | 2,809.00 | (2.1 %) |
| Gross Income | 464.10 | 619.00 | 33.4 % |
| Operating Income | 204.23 | 370.00 | 81.2 % |
| Net Income | 162.01 | 353.00 | 117.9 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.35 | 2.94 | 117.9 % |
This was buoyed by a SAR 13 million increase in the first-quarter gross profit on higher revenue, which was offset by a SAR 120 million hike in the cost of revenue.
On the other hand, operating expenses (opex) slightly increased year-on-year (YoY) in Q1 2024 as a result of a SAR 9.3 million rise in general and administration (G&A) expenses. Additionally, Zakat and tax expenses decreased YoY by SAR 48 million during the three-month period.
On a quarterly basis, the first-quarter net earnings more than doubled from SAR 162.01 million, as opex shed SAR 10 million sequentially given the SAR 36 million slump in G&A expenses. This came despite revenues falling 2.1% quarter-on-quarter (QoQ), especially after managed IT and operational services softened QoQ by 10.2% in Q1 2024.
Shareholders’ equity, after minority interest, advanced to SAR 3.52 billion by March 31, 2024, compared to SAR 3.01 billion in the prior-year period.
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