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Arabian Internet and Telecommunication Services Company (SOLUTIONS) announces its interim condensed consolidated financial results for the period ending on 30-06-2022 (six months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 2,2541,93716.362,418-6.78
Gross Profit (Loss) 50543216.94942.23
Operational Profit (Loss) 2942718.49313-6.07
Net Profit (Loss) after Zakat and Tax 2732566.64283-3.53
Total Comprehensive Income 29925716.3425517.25
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 4,6733,80422.84
Gross Profit (Loss) 99982121.68
Operational Profit (Loss) 60649522.42
Net Profit (Loss) after Zakat and Tax 55646120.61
Total Comprehensive Income 5555412.59
Total Share Holders Equity (after Deducting Minority Equity) 2,3672,06514.62
Profit (Loss) per Share 4.683.84
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The increase in net profit for the current quarter of 2022 by SR 17 million compared to the same quarter of the previous year was mainly due to the increase in gross profit by SR 73 million as a result of the increase in total revenue by SR 317 million which was offset by an increase in the cost of revenue by (SR 244 million).

Where the increase in revenues was mainly due to the increase in each of Core ICT Service by 20.8%, IT Managed and Operational Services by 21.8% and Digital Services by 0.1%.

On the other side, operating expenses increased by (SR 50 million), as a result of the Increase in general and administration expenses by (SR 30 million), and an increase in selling and distribution expenses by (SR 20 million).

In addition, other income increased by SR 4 million, and Zakat expense increased by (SR 10 million).

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The decrease in net profit for the current quarter of 2022 by SR 10 million compared to the previous quarter was mainly due to the increase in operating expenses by (SR 31 million), as a result of the increase in general and administration expenses by (SR 22 million), and selling and distribution expenses by (SR 9 million).

On the other side, the gross profit increased by SR 12 million as a result of the decrease in the cost of revenue by SR 176 million.

Where the decrease in revenues was mainly due to the decrease in the Core ICT Service by 15.7%. On the other side, the IT Managed and Operational Services increased by 10.7% and the Digital Services increased by 2.1%.

In addition, other income increased by SR 3 million and Zakat expense decreased by SR 6 million.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The increase in net profit for 6 months period of 2022 by SR 95 million compared to the comparable period last year was mainly due to the increase in total revenue by SR 869 million, which was offset by an increase in the cost of revenue by (SR 692 million), which led to an increase in gross profit by SR 177 million.

Where the increase in revenues was mainly due to the increase in each of Core ICT Service by 32.7%, IT Managed and Operational Services by 17.7% and Digital Services by 4.5%.

On the other side, operating expenses increased by (SR 66 million) due to the increase in general and administration expenses by (SR 56 million) and selling and marketing expenses by (SR 10 million).

In addition, other income increased by SR 8 million, and Zakat expense increased by (SR 24 million).

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items -
Additional Information Earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the current quarter of 2022 amounted to SR 350 million compared to SR 315 million for the corresponding quarter of last year, with an increase of 11%, and for the 6 months period of 2022 amounted to SR 718 million compared to SR 570 million for the corresponding period last year with an increase of 26%

Basic earnings per share (EPS) was calculated based on the weighted average number of ordinary traded shares which stands at 118,800,000 shares for the six-months period ended in 30th June 2022.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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