Rasan Information Technology Company announced a net profit of SAR 36.6 million for the third quarter of 2024, up from SAR 28.4 million in the same period last year, marking a 29% increase. This follows the release of interim financial results for the nine-month period ending September 30, 2024.
According to the company’s statement on Tadawul, operating profit for Q3 2024 reached SAR 35.3 million, a 20.1% rise from SAR 29.1 million in the same quarter last year. Earnings per share increased to SAR 0.75, up from SAR 0.51 in the previous year.
The company attributed the significant profit growth to:
- An increase in gross profit margin by 130 basis points, reaching 61.2% in Q3 2024, compared to 59.9% in the same period in 2023, driven by improved operational efficiency.
- A 21% rise in operating profits compared to last year.
- A 19.3% increase in EBITDA, supported by revenue growth, enhanced operational efficiency, and overall improvements in operations.
