Solutions’ profits rise to 1.59 billion riyals by the end of 2024, by 34%

The net profit of the Arab Internet and Communications Services Company (Solutions) increased to 1.59 billion riyals by the end of 2024, compared to 1.19 billion riyals last year by 34%, following the announcement today of the preliminary financial results for the period ending December 31, 2024.

The operating profit amounted to 1.66 billion riyals by the end of 2024, compared to 1.38 billion riyals last year, an increase of 19.7%.

The equity (after excluding non-controlling interests) in the current year amounted to 4 billion riyals, compared to 3.3 billion riyals last year, an increase of 21%.

The earnings per share in the current year reached 13.42 riyals, compared to 10.02 riyals last year.

The company said in a statement today on “Tadawul” that the reason for the increase in revenues during the year 2024 by 9.3% compared to the previous year is mainly due to the increase in both managed IT services and operational services by 21.0%, digital services by 8.1%, and basic communications and IT services by 3.2%.