Financial Results : Saudi Networkers profit dips 16% to SAR 30.9M in 2024; H2 at SAR 11.2M

Saudi Networkers profit dips 16% to SAR 30.9M in 2024; H2 at SAR 11.2M

26/03/2025 Argaam Exclusive

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Saudi Networkers Services Co. (SNS) reported a decline of 16% in 2024 net profit to SAR 30.9 million from SAR 36.6 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 554.65 571.06 3.0 %
Gross Income 73.74 78.23 6.1 %
Operating Income 43.18 40.20 (6.9 %)
Net Income 36.56 30.93 (15.4 %)
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyals) 6.09 5.16 (15.4 %)
EPS (Riyal) 6.09 5.16 (15.4 %)

The annual profit was hurt by losses from discontinued operations of a subsidiary, in addition to expected credit losses and provisions for trade receivables. Accordingly, earnings per share (EPS) dropped to SAR 5.2 from SAR 6.1 in 2023.

 

On the other hand, SNS reported an increase in revenue, driven by higher commercial activities with existing clients and the addition of new customers.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 278.20 288.85 3.8 %
Gross Income 41.51 40.53 (2.4 %)
Operating Income 24.44 17.38 (28.9 %)
Net Income 20.01 11.20 (44.0 %)
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyal) 3.34 1.87 (44.0 %)
EPS (Riyal) 3.34 1.87 (44.0 %)

In H2 2024, the company’s net earnings fell 44% to SAR 11.2 million from SAR 20 million in the second half of 2023.

 

On a half-on-half basis, net earnings slumped 43.5% from SAR 19.7 million in H1 2024.

 

Shareholders’ equity, after minority interest, reached SAR 104.20 million as of Dec. 31, 2024, up from SAR 100.19 million a year earlier.

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