AICTEC Net Profit Drops 50% to SAR 1.5 Million in 2024

Advances International Company for Communication and Information Technology (AICTEC) reported a 50% decline in net profit to SAR 1.5 million for the fiscal year ending December 31, 2024, compared to SAR 3 million in 2023. The announcement follows the release of the company’s preliminary financial results.

Key Financial Highlights:

• Operating profit fell 23% to SAR 2.5 million, down from SAR 3.1 million in 2023.

• Shareholders’ equity (excluding non-controlling interests) increased by 4% to SAR 39 million, compared to SAR 37 million in 2023.

• Earnings per share (EPS) declined to SAR 0.02, down from SAR 0.05 in 2023.