Azm’s profits rise to SAR 10.3 million in 3 months by 25.9%

The net profit of Azm Saudi Telecom and Information Technology Company amounted to 10.3 million riyals during the third quarter of 2024, compared to 8.2 million riyals in the same quarter of last year, an increase of 25.9%, following the announcement today of the financial results for the period ending September 30, 2024 (9 months).

The operating profit amounted to 9.7 million riyals in the third quarter, compared to 8 million riyals in the same quarter of the previous year, an increase of 21.4%.

The earnings per share in the current period reached 0.17 riyals, compared to 0.13 riyals in the same period of last year.

The Company achieved a net profit of SR 10.38 million during the quarter, increased by SR 1.85 million (21.70%) as compared to the previous quarter. The increase was mainly driven by the following:

– Increase in gross profit by SR 4.34 million.

– Increase in other income by SR 0.04 million.

Despite the:

– Decrease in share of result from Investment in associates by SR 0.45 million.

– Increase in operating expenses by SR 0.74 million.

– Increase in finance cost by SR 0.75 million.

– Increase in zakat and income tax expenses by SR 0.60 million.