Saudi Networkers Services Co. (SNS) reported an increase of 22% in 2023 net profit to SAR 36.6 million from SAR 30.1 million in the year-ago period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 478.63 | 554.65 | 15.9 % |
| Gross Income | 63.39 | 73.74 | 16.3 % |
| Operating Income | 35.78 | 43.18 | 20.7 % |
| Net Income | 30.10 | 36.56 | 21.5 % |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 5.02 | 6.09 | 21.5 % |
The profit increase is driven by higher revenues, which rose to SAR 554.7 million compared to SAR 478.6 million in 2022— an increase of SAR 76 million or 15.88%.
The surge in revenue is due to improved business activities with the existing customers and the addition of new customers.
The operational profit stood at SAR 43.2 million, from SAR 35.8 million a year earlier.
The positive performance is also due to a growth in revenue and improvement in profit margin, which resulted in an increase in earnings per share to SAR 6.1 compared to SAR 5.0 in the previous year.
Total shareholders’ equity, after minority interest, reached SAR 100.2 million as of Dec. 31, 2023, compared to SAR 87.5 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue |
Net Profit |
EPS |
|
H1 2021 |
235.31 |
17.98 |
3.00 |
|
H2 2021 |
227.48 |
10.36 |
1.72 |
|
H1 2022 |
229.57 |
20.58 |
3.43 |
|
H2 2022 |
249.06 |
9.51 |
1.58 |
|
H1 2023 |
276.46 |
16.55 |
2.76 |
|
H2 2023 |
278.19 |
20.01 |
3.33 |
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