Azm Reports SAR 14 Million Profits in H1 2023, Marking 24% Surge

Saudi Azm for Communication and Information Technology Co. disclosed a notable surge in net profit during the first half of 2023, reaching 14 million riyals compared to 11.3 million riyals in the preceding period, marking a 24.1% increase. This announcement followed the release of the company’s annual financial results for the period ending on December 31, 2023 (six months).

The company’s sales for H1 2023 amounted to 107.4 million riyals, up from 102.9 million riyals in the previous period, reflecting a 4.3% increase. Total Shareholders’ Equity (After Deducting Minority Equity) stood at 82.6 million riyals in the latest period, compared to 57.7 million riyals previously, indicating a robust growth of 43%.

Earnings per share for the latest period reached 0.23 riyals, compared to 0.18 riyals in the preceding period. Revenue saw a 4.4% increase, reaching SR 107.4 million compared to the same period the previous year, primarily attributed to securing new projects.

Saudi AZM for Communication and Information Technology Co. achieved a net profit of SR 14.03 million in the first half of the year, reflecting an increase of SR 2.73 million (24%) compared to the corresponding period of the previous year. This growth was primarily driven by:

A rise in gross profit by SR 3.2 million due to increased revenue.

An increase in other income by SR 1.36 million.

Despite increases in operating expenses by SR 0.53 million, a decrease in results from investments in an associate by SR 0.54 million, and increases in finance costs and zakat and tax expenses by SR 0.47 million and SR 0.29 million, respectively.”