Azm profits increase to SAR 23.9 million during FY ending in June 2023, by 25.5%

Saudi Azm for Communications and Information Technology Co. revealed an increase in net profit after zakat and tax during the year ending on June 30, 2023, to SAR 23.9 million, compared to SAR 19 million last year, by 25.5%. This came after the announcement on Thursday of the annual financial results ending on June 30, 2023.

Operational profit reached SAR 17.3 million during the year ending June 30, 2023, compared to SAR 14.5 million last year, an increase of 19.3%.

Total shareholders’ equity (excluding minority rights) amounted to SAR 68.4 million in the current year, compared to SRA 51.8 million last year, a growth of 32%.

Earnings per share in the current year reached SAR 0.39, compared to SAR 0.32 last year.

The Saudi AZM for Communication and Information Technology Company achieved an increase in net profit after zakat to reach (SAR 23,967,369) during the year 2023, an increase of (25.52%) on an annual basis compared to (SAR 19,094,545) in the year 2022. The reason for this increase is due to:

Revenues increased by (24.78%) and amounted to (SAR 190,369,167) during 2023, which contributed to an increase in gross profit by (24.87%) and amounted to (SAR 38,473,882), and other income increased to reach (SAR 7,662,890).