AICTEC’s Profits Grow by 14.5% During H1 to SAR 5.2 Million

Advance International Company for Communication and Information Technology (AICTEC) revealed an increase in net profit during the first half to 5.15 million riyals, compared to 4.5 million riyals in the same period last year, marking a 14.5% growth. This came after today’s announcement of the preliminary financial results for the period ending on June 30, 2024 (six months).

Revenues reached 25.5 million riyals in the first half, compared to 23.2 million riyals in the same period of the previous year, a growth of 10%.

Total shareholders’ equity (excluding minority rights) amounted to 42.4 million riyals in the 6-month period, compared to 38.7 million riyals in the same period last year, an increase of 9.5%.

Earnings per share in the current period reached 0.08 riyals, compared to 0.07 riyals in the same period last year.

The increase in revenue is attributed to project sales, which grew by 10%, mainly generated from software sales and installation services related to access control systems, security gates, metal detectors, and surveillance cameras.

The increase in net profit by 14% is due to a 10% rise in project sales, mainly generated from software sales and installation services. This was achieved while maintaining relative stability in direct operating costs despite the increase in sales, leading to a higher gross profit percentage compared to the sales growth percentage.

The condensed interim financial statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the six months ended June 30, 2023, have been reviewed by other auditors who issued an unmodified report dated August 7, 2023.