An increase in revenues by 1.597 billion riyals supports profits
The net profit of the Arab Company for Internet and Communications Services “Solutions” increased by 72% in the fourth quarter of 2022, to about 198 million riyals, after zakat and tax, compared to about 115 million riyals net profit in the corresponding quarter of 2021, according to the accounts of “Al Arabiya.net.” “.
Today, Thursday, “Solutions” data on “Saudi Arabia’s Tadawul” showed an increase in its net profits after zakat and tax by 26.53% in 2022, to about 1.05 billion riyals, compared to 833 million riyals in 2021.
The company stated that the increase in annual net profits is mainly due to the increase in total profit by 303 million riyals as a result of the increase in revenues by 1.597 billion riyals, which was offset by an increase in revenue costs by 1.293 billion riyals.
The increase in Solutions’ revenues is mainly due to the increase in basic communications and information technology services by 30.0%, managed information technology services and operational services by 19.4%, and digital services by 7.4%.
Solutions indicated that, on the other hand, operating expenses increased by 42 million riyals, as a result of an increase in general and administrative expenses by 143 million riyals, which was offset by a decrease in selling and distribution expenses by 101 million riyals.
