IT consulting firm Saudi Networkers posts 28% profit drop ahead of IPO

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Saudi Arabia

IT consulting firm Saudi Networkers posts 28% profit drop ahead of IPO

RIYADH: Saudi Networkers Services Co., a Riyadh-based technical consulting services provider, has posted a 28-percent drop in profit ahead of its initial public offering. Its profits fell from SR39.1 million ($10.4 million) to SR28.3 million in 2021, despite marginal revenue growth of 1.1 percent to SR473 million, Argaam reported. Saudi Networkers attributed the year-on-year profit decline to a 4-percent rise in the cost of revenue as well as an increase in debt provisions from SR510,000 to SR2 million. Earlier this week, the company said it intends to proceed with an initial share sale of a 25-percent stake, or 1.5 million shares, on Saudi Arabia’s parallel stock market Nomu. It hired Aldukheil Financial to advise on the IPO, in addition to Derayah Capital to act as the lead manager of the offering which will open for subscription starting July 24 until July 28.

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