solutions announces 2021 annual financial result
Gross profit grows 20.1% and total revenue increase by 13.4% in 2021
Arabian Internet and Communication Services Company (solutions) announced today its 2021 annual financial results with a SAR 131 million increase in net profit compared to 2020. This, the company reported, was primarily due to an increase in gross profit by 20.1% (SAR 286 million) as a result of a 13.4% (SAR 924 million) rise in revenue with an increase in revenue cost by 11.7% (SAR 638 million). The rise in company’s revenue was mainly due to the increase in the demand on the company’s IT and managed operational services by 19.9%, core Information and Communications Technology services (ICT) by 13%, and digital services by 7.4%.
Commenting on the company’s annual financial results, solutions’ CEO, Eng. Omar Abdullah Alnomany said “Our financial results reflect our continuous growth throughout 2021, which was driven by an abundance of ICT market opportunities. We are determined to strengthen our position as the leader of the Saudi ICT market and as the accelerator of digital transformation of government and private sector stated in the ambitious Saudi vision 2030”. Alnomany added, “We have a solid financial position with continuing rise in both revenue and profitability. We are committed to our ambitious growth strategy to meet our investors’ expectations”.
For the past six years, solutions has been the market leader of the Saudi IT sector with an estimated market share reaching 18.8%. Today’s announcement is solutions’ first annual financial results after its successful public listing on the Saudi exchange market last September.