Edarat Communication and Information Technology Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 58,892,501 | 37,333,376 | 57.75 | ||
| Gross Profit (Loss) | 23,458,173 | 12,792,563 | 83.37 | ||
| Operational Profit (Loss) | 14,153,010 | 7,479,646 | 89.22 | ||
| Net Profit (Loss) after Zakat and Tax | 12,601,525 | 6,479,247 | 94.49 | ||
| Total Comprehensive Income | 12,014,392 | 6,383,137 | 88.22 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 21,459,576 | 12,910,184 | 66.22 | ||
| Profit (Loss) per Share | 20 | 10.28 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason of the increase in net profit is mainly due to the Increase in Revenue by 57% resulting in an increase of 83% in the gross profit and 94% in the net profit |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to current year presentation |
| Additional Information | The company had to increase the statutory reserve from the retained earnings to reach 30% of the capital.
The increase of new employees hire in 2022 has resulted in re-measurement of liability for employee retirement benefits which has been reflected in the other comprehensive income.
The total comprehensive income has been allocated in different proportions to the retained earnings given that 40% of the shareholders' capital is foreign investors |
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