The Arab Company for Internet and Communication Services (Solutions) achieved an increase of 26.53% in profits in 2022, to reach about 1.05 billion riyals, compared to 833 million riyals in 2021.

According to Arabia Net, Solutions profits increased by 72% in the fourth quarter of 2022, to reach 198 million riyals, compared to 115 million riyals in the same quarter of 2021.

The company stated that the increase in annual net profits is mainly due to the increase in total profit by 303 million riyals as a result of the increase in revenues by 1.597 billion riyals, which was offset by an increase in revenue costs by 1.293 billion riyals.

The increase in Solutions revenues is mainly due to the increase in basic communications and information technology services by 30.0%, managed information technology services and operational services by 19.4%, and digital services by 7.4%.

Solutions indicated that, on the other hand, operating expenses increased by 42 million riyals, as a result of an increase in general and administrative expenses by 143 million riyals, which was offset by a decrease in selling and distribution expenses by 101 million riyals.

Distribution of 50% cash dividends for the year 2022

Solutions has announced the Board of Directors' recommendation to distribute cash dividends to shareholders for the year 2022, with a total of about 594.9 million riyals, for the number of shares entitled to dividends, 118.97 million shares.

Solutions said in a statement on Tadawul Saudi Arabia, today, Thursday, that the share of the share from the distribution is 5 riyals, with a distribution ratio to the nominal share value of 50%.

The eligibility for dividends will be for shareholders who own shares at the end of the second trading day following the day of the annual general assembly of the company, which will be announced later.

Solutions net profits after zakat and tax increased by 26.53% in 2022, to about 1.05 billion riyals, compared to 833 million riyals in 2021.