Financial Results : solutions profit jumps 34% to SAR 1.59B in 2024; Q4 at SAR 327.4M

solutions profit jumps 34% to SAR 1.59B in 2024; Q4 at SAR 327.4M

17/02/2025 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a net profit of SAR 1.59 billion for 2024, an increase of 34% from SAR 1.19 billion in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Revenues 11,040.49 12,063.90 9.3 %
Gross Income 2,597.62 2,782.97 7.1 %
Operating Income 1,386.89 1,660.56 19.7 %
Net Income 1,192.15 1,596.63 33.9 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Riyals) 9.93 12.48 25.7 %
EPS (Riyal) 9.93 13.31 33.9 %

Revenue rose by 9.3% as compared to the previous year, mainly due to the increase in IT managed and operational services by 21%, digital services by 8.1%, and core ICT services by 3.2%.

 

The increase in net profit for 2024 was attributed to higher gross profit and revenue, offset by an increase in cost of revenue.

 

Operating expenses dropped by SAR 88 million triggered by lower selling and distribution expenses, despite an increase in general and administration expenses.
 

Lower Zakat and tax charges was due to Zakat provision reversal related to prior periods after ZATCA assessment.


On the other hand, the company recorded other expenses at SAR 19 million as compared to income of SAR 18 million mainly due to year-on-year lower finance income by SAR 31 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2,868.29 3,730.62 30.1 %
Gross Income 464.10 738.38 59.1 %
Operating Income 204.23 405.52 98.6 %
Net Income 162.01 327.01 101.8 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Riyal) 1.35 2.91 115.2 %
EPS (Riyal) 1.35 2.73 101.8 %

Q4 2024 net profit nearly doubled to SAR 327.4 million from SAR 162.01 million a year ago.

 

On a sequential basis, net earnings dropped 29.4% from SAR 463.5 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 4.01 billion by Dec. 31, 2024, compared to SAR 3.32 billion a year earlier.

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