Arabian Internet and Communication Services Co. (solutions) posted a 20% rise in net profit to SAR 1.03 billion in the first nine months of 2023, compared to SAR 856 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 6,367.21 | 8,172.20 | 28.3 % |
| Gross Income | 1,497.54 | 2,133.51 | 42.5 % |
| Operating Income | 919.85 | 1,182.66 | 28.6 % |
| Net Income | 855.89 | 1,030.14 | 20.4 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 7.13 | 8.58 | 20.4 % |
The higher profit was spurred by better revenues, which were primarily driven by a rise of 29.5% YoY in core ICT services. IT Managed and operational services’ revenues leapt 40.8% YoY, followed by digital services (8.4%).
In the three-month period, net profit climbed 29% to SAR 387 million from SAR 299.89 million in Q3 2022.
On a sequential basis, solutions’ bottom line grew 13.9% from SAR 339.69 million in Q2 2023.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2,039.15 | 2,794.64 | 37.0 % |
| Gross Income | 498.97 | 795.69 | 59.5 % |
| Operating Income | 313.38 | 438.44 | 39.9 % |
| Net Income | 299.89 | 386.65 | 28.9 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.50 | 3.22 | 28.9 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2,701.29 | 2,794.64 | 3.5 % |
| Gross Income | 731.67 | 795.69 | 8.7 % |
| Operating Income | 387.25 | 438.44 | 13.2 % |
| Net Income | 339.69 | 386.65 | 13.8 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.83 | 3.22 | 13.8 % |
Shareholders’ equity, before minority interest, came in at SAR 3.17 billion as of Sept. 30, 2023, up from SAR 2.67 billion a year earlier
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