Saudi AZM profits increased to SR11.3 mln during the second half, by 41.3%

Saudi AZM for Communication and Information Technology Co. revealed an increase in net profit after Zakat and Tax during the second half to SR11.3 million, compared to SR7.9 million in the same period last year, by 41.3%. This came after today’s announcement of the preliminary financial results for the period ending on 31-12-2022 – (six months).
The Operational Profit amounted to SR11.5 million riyals in the second half, compared to SR8.7 million in the same period of the previous year, an increase of 32%.
The Total Share Holders Equity (after Deducting Minority Equity) amounted to SR57.7 million in the current period, compared to SR41.4 million in the same period last year, an increase of 39.3%.
The Profit per share in the current period reached SR 3.69, compared to SR2.67 in the same period last year.
Saudi AZM for Communication and Information Technology Co. achieved a net income after zakat of 11.30m in the first half of 2022, increased by 41.33% as compared to last year, this was mainly driven by the following:
The overall increase in revenue is 40.50%, and all other costs are consistent with the increase in revenue.
The increase in revenue coming from the new customers is 27% of the total increase.