The net profit of the Arab Company for Internet and Communications Services “Solutions”, following zakat and tax, increased by 18.66% in 2021, to reach 833 million riyals, compared to profits of regarding 702 million riyals in 2020.
Solutions said in a statement on the Saudi Tadawul today, Tuesday, that the increase in profits is mainly due to the increase in total profit by 20.1%, equivalent to 286 million riyals, as a result of an increase in total revenues by 13.4%, equivalent to 924 million riyals, which was offset by an increase in costs. Revenues increased by 11.7%, equivalent to 638 million riyals.
The increase in revenue is mainly represented by an increase in information technology and managed operational services by 19.9%, basic communications and information technology services by 13%, and digital services by 7.4%.
The quarterly profits of “Solutions” in the fourth quarter increased by 55% to 115 million riyals.
