Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 856 million in the first nine months of 2022, a 19% increase from SAR 718 million in the year-ago period.
The profit increase was driven by increased revenue of SAR 1.145 billion due to higher core telecom and information technology (IT) services by 25.1%, managed IT and operation services by 18.0% and digital services by 8.8%.
Meanwhile, solutions reported a SAR 17 million surge in other income.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 5,755.45 | 6,367.21 | 10.6 % |
| Gross Income | 1,284.24 | 1,497.54 | 16.6 % |
| Operating Income | 771.33 | 919.85 | 19.3 % |
| Net Income | 718.49 | 855.89 | 19.1 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 5.99 | 7.13 | 19.1 % |
In Q3 2022, the net profit after Zakat and tax saw a 17% increase to SAR 300 million, from SAR 257.2 million in the year before.
Sequentially, solutions’ net profit rose 10% from SAR 273.1 million in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 1,951.46 | 2,039.15 | 4.5 % |
| Gross Income | 462.77 | 498.97 | 7.8 % |
| Operating Income | 276.44 | 313.38 | 13.4 % |
| Net Income | 257.17 | 299.89 | 16.6 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.14 | 2.50 | 16.6 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 2,085.15 | 2,039.15 | (2.2 %) |
| Gross Income | 505.04 | 498.97 | (1.2 %) |
| Operating Income | 293.52 | 313.38 | 6.8 % |
| Net Income | 273.09 | 299.89 | 9.8 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.28 | 2.50 | 9.8 % |
Shareholders’ equity, no minority interest, grew to SAR 2.678 billion as of Sept. 30, 2022, from SAR 2.141 billion in the year-earlier period.
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