Keir international announces its annual financial results for the period ending 31-12-2023

Keir international announces its annual financial results for the period ending 31-12-2023

The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year

The company's revenues increased to 209.1 million for the year ended December 31, 2023, representing a growth rate of 22.03% compared to the same period of the previous year. This increase is attributed to: Expansion of the company's projects, including projects with the Saudi Electricity Company and software projects.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

Net profit decreased to 9.8 million for the year ended December 31, 2023, representing a decrease of 50.42% compared to the same period of the previous year. This decrease is attributed to: Expansion of the company's projects, leading to an increase in operating expenses, including the recruitment of staff for company departments, and higher labor wages and material prices compared to prices and wages from the previous year. Additionally, there is an increase in financing costs for existing projects, impacted by the rise in cyber rates.

Keir international announces its annual financial results for the period ending