Financial Results : AICTEC profit drops 50% to SAR 1.5M in 2024; H2 losses at SAR 3.6M

AICTEC profit drops 50% to SAR 1.5M in 2024; H2 losses at SAR 3.6M

26/03/2025 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 50% fall in 2024 net profit to SAR 1.5 million, compared to SAR 3.1 million in 2023.

 


Financials (M)

Item 2023 2024 Change‬
Revenues 47.28 43.29 (8.4 %)
Gross Income 17.62 18.22 3.4 %
Operating Income 3.21 2.47 (22.9 %)
Net Income 3.11 1.55 (50.2 %)
Average Shares 64.00 64.00 -
Earnings Per Share before unusual items (Halala) 4.85 2.42 (50.2 %)
EPS (Halala) 4.85 2.42 (50.2 %)

The profit drop was attributed to an 8.4% year-on-year (YoY), or SAR 3.9 million, decrease in revenue in 2024 due to lower wholesale sales and demand.

 

In addition, there was an increase in depreciation and amortization expenses for assets, along with a slight rise in operating expenses.

 

In H2 2024, the company widened net loss by 158.6% YoY to SAR 3.61 million from SAR 1.40 million.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 24.05 17.72 (26.3 %)
Net Income (1.40) (3.61) (158.6 %)
Average Shares 64.00 64.00 -
Earnings Per Share before unusual items (Halala) (2.18) (5.64) (158.6 %)
EPS (Halala) (2.18) (5.64) (158.6 %)

On a sequential basis, AICTEC turned to a loss from a profit of SAR 5.16 million in H1 2024.

 

Total shareholders' equity, no minority interest, amounted to SAR 38.73 million by Dec. 31, 2024, up from SAR 37.30 million a year ago.

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