Arabian Internet and Communications Services Company (solutions) has reported revenues of SAR 1.27 billion for the first nine months (9M) of 2024, reflecting a significant increase of 23.30% compared to SAR 1.03 billion in the same period last year.
As of September 30, 2024, total revenues amounted to SAR 8.33 billion, a year-on-year (YoY) rise of 1.97% from SAR 8.17 billion, according to the company’s preliminary financial statements. Earnings per share (EPS) also saw an increase, climbing to SAR 10.67 in 9M-24 from SAR 8.66 in the previous year.
Financial Highlights for Q3-24
In the third quarter (Q3) of 2024, the telecom company recorded a net profit of SAR 463 million, representing a 19.63% increase from SAR 387 million in Q3-23. However, revenues dipped by 1.50%, falling to SAR 2.75 billion in Q3-24 compared to SAR 2.79 billion in the same quarter last year.
On a quarter-on-quarter (QoQ) basis, Q3-24 net profits increased by 2.20% from the SAR 453 million generated in Q2-24, while revenues saw a slight decrease of 0.64% from SAR 2.77 billion.
