Saudi: Solutions generates higher profits at $94.13mln in Q1-24

Reuters Images/Ahmed Yosri

Revenues increased by 4.97%

Staff Writer, Mubasher

May 6, 2024

PHOTO

Riyadh – Arabian Internet and Communication Services Company (solutions) recorded an annual rise of 16.11% in net profit to SAR 353 million during the first quarter (Q1) of 2024, versus SAR 304 million.

Revenues increased by 4.97% to SAR 2.80 billion in the January-March 2024 period from SAR 2.67 billion in Q1-23, according to the interim financial results.

The earnings per share (EPS) stood at SAR 2.97 in the first three months (3M) of 2024, higher year-on-year (YoY) than SAR 2.55.

Quarterly, the Q1-24 net profits hiked by 117.90% from SAR 162 million in Q4-23, while the revenues dropped by 2.05% from SAR 2.86 billion.

As of 31 December 2023, solutions generated 13.20% YoY higher net profits at SAR 1.19 billion, compared to SAR 1.05 billion.

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