Financial Results : AICTEC profit drops 59% to SAR 3.1 mln in 2023

AICTEC profit drops 59% to SAR 3.1 mln in 2023

10/03/2024 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 59% fall in 2023 net profit to SAR 3.1 million, compared to SAR 7.7 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 41.76 47.28 13.2 %
Gross Income 18.32 17.62 (3.8 %)
Operating Income 7.35 3.21 (56.3 %)
Net Income 7.66 3.11 (59.4 %)
Average Shares 64.00 64.00 -
Earnings Per Share before unusual items (Halala) 11.97 4.85 (59.4 %)
EPS (Halala) 11.97 4.85 (59.4 %)


Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 20.72 24.05 16.1 %
Gross Income 7.51 6.97 (7.2 %)
Operating Income 2.65 (1.13) (142.6 %)
Net Income 2.21 (1.40) (163.1 %)
Average Shares 64.00 64.00 -
Earnings Per Share before unusual items (Halala) 3.46 (2.18) (163.1 %)
EPS (Halala) 3.46 (2.18) (163.1 %)

The annual bottom line was hurt by a 26.5% year-on-year (YoY) increase in the cost of goods sold on higher charges for shipping, clearance, and goods.

 

Shareholders’ equity, no minority interest, increased to SAR 37.30 million as of Dec. 31, 2023, from SAR 34.25 million a year earlier.

 

Historical Data

Period

Revenue

Net Profit

EPS

H1 2020

11.05

1.55

0.02

H2 2020

21.78

7.43

0.12

H1 2021

12.77

4.27

0.07

H2 2021

17.34

0.98

0.02

H1 2022

21.05

5.45

0.09

H2 2022

20.71

2.21

0.03

H1 2023

23.23

4.50

0.07

H2 2023

24.05

(1.39)

 (0.02)

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