Riyadh, Saudi Arabia — Arabian Internet and Communications Services Company (solutions) has recommended a 60 percent cash dividend, or SAR 6 per share, for 2023.
The company posted a 13 percent rise in net profit to SAR 1.19 billion in 2023, compared to SAR 1.05 million a year earlier.
The profit increase was mainly due to the SAR 587 million uptick in gross profit, as revenues grew year-on-year (YoY) by 25.4 percent, Argaam reported. This was offset by the YoY rise in the cost of sales of SAR 1.64 million.
On the other hand, operating expenses climbed YoY by SAR 360 million in 2023. This came as both general and administration expenses soared YoY by SAR 110 million, with selling and distribution expenses also up YoY by SAR 250 million for the same year, according to Argaam.
Zakat and tax expenses also increased YoY by SAR 92 million last year.
In Q4 2023, net profit fell 17.8 percent to SAR 162 million from SAR 197 million in Q4 2022.
On a sequential basis, solutions’ bottom line retreated 58.1 percent from SAR 386.65 million in Q3 2023.
Shareholders’ equity, before minority interest, came in at SAR 3.32 billion as of Dec. 31, 2023, up from SAR 2.81 billion a year earlier.