‎“Edraat” profits jump 94% by 2022 end to SR12.6 mln

The net profit after zakat and tax of Edraat Communications and Information Technology Company jumped during the year 2022 AD to 12.6 million riyals, compared to 6.5 million riyals in the year before the past, by 94%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 14 million riyals in the current year, compared to 7.5 million riyals in the year before last, an increase of 89%.

Earnings per share in the current year reached 20 riyals, compared to 10.28 riyals in the year before last.

The reason for the increase in net profit during this year compared to the previous year is mainly due to an increase in revenues by 57%, which resulted in an increase of 83% in the gross profit and 94% in the net profit.

The company said that some comparative numbers have been reclassified to conform to the presentation of the current year’s figures

The legal reserve of retained earnings has also been increased to 30% of the capital

The increase in new hires in 2022 led to a re-measurement of the employee retirement benefit obligation, which was reflected in other comprehensive income.

The total comprehensive income was carried over to the retained earnings at different rates, given that 40% of the shareholder’s capital is from foreign investors.