The net profit of Arabian Internet and Communications Services Company “Solutions” (7202) jumped to SAR 453 million in Q2 2024.
This compares to 340 million riyals in the second quarter of last year.
Details
Solutions, a subsidiary of “STC,” attributed its profit growth to a SAR 70 million revenue increase.
This comes as it recorded a cost of revenue increase of SAR 106 million.
So what
The company’s revenues grew 2.6% year-on-year during the second quarter, reaching approximately SAR 2.7 billion.
Solutions said this mainly because of the nearly 19% increase in managed IT services and operational services.
Some context
The company’s net profits for the first six months of this year increased to SAR 806 million.
This compares to SAR 643 million in the same period of 2023.
