Advance International Company for Communication and Information Technology announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 47,277,648 | 41,762,783 | 13.21 | ||
| Gross Profit (Loss) | 17,614,639 | 18,318,423 | -3.84 | ||
| Operational Profit (Loss) | 3,209,516 | 7,345,842 | -56.31 | ||
| Net profit (Loss) | 3,106,150 | 7,659,888 | -59.45 | ||
| Total Comprehensive Income | 3,051,058 | 7,547,540 | -59.58 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 37,305,612 | 34,254,554 | 8.91 | ||
| Profit (Loss) per Share | 0.05 | 0.12 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company's sales increased substantially during the year ended December 30, 2023, reaching 47.2 million riyals, an increase of 5.5 million riyals or 13.2% compared to the previous year. This was mainly due to the growth of wholesale sales of access control systems, security gates, metal and bag detectors, and surveillance cameras. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit declined during the year ended December 30, 2023 compared to the previous year due to a substantial increase in cost of sales of 26.5% compared to the previous year. This was due to higher costs of goods, shipping, and clearance. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to conform with the presentation for the current period |
| Additional Information | EBITDA reached 5.5 million Saudi riyals.
For the purpose of calculating earnings per share, the number of shares for the comparative year has been retroactively adjusted for the capital increase. Earnings per share for the current year and the comparative year were calculated by dividing the net profit for the year by the number of shares outstanding during the year, which is 64 million shares after the stock split of one share of ten riyals (10) into (0.50) halalas per share, based on the decision of the Extraordinary General Assembly held on July 6, 2023. |
Comments