Saudi Networkers Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Saudi Networkers Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

|Element List||Current Period||Similar period for previous year||%Change|

|Sales/Revenue||276,456,502||229,567,118||20.43|

|Gross Profit (Loss)||32,233,846||32,748,261||-1.57|

|Operational Profit (Loss)||18,735,860||21,206,769||-11.65|

|Net Profit (Loss) after Zakat and Tax||16,543,601||20,566,203||-19.56|

|Total Comprehensive Income||16,685,400||19,478,336||-14.34|

|Total Share Holders Equity (after Deducting Minority Equity)||85,204,532||66,803,890||27.54|

|Profit (Loss) per Share||2.8||3.4|

|All figures are in (Actual) Saudi Arabia, Riyals|

|Element List||Explanation|

|Increase (Decrease) in Net Profit for Current Period Compared to Previous Period is Attributed to||The main reason for the decrease in net profit for the current period compared to the same period of the previous year by (19.56%) is mainly due to the one-off reversals of old accrual balances in June 2022.|

|Statement of the type of external auditor's report||Unmodified conclusion|

|Reclassification of Comparison Items||The numbers related to SNS Algeria (subsidiary) were reclassified as discontinued operations and disclosed separately as a single line item as per the requirements of International Financial Reporting Standards. There is no impact on the net income or the equity due to the reclassification.|

|Additional Information|| During H1’2023, the company recorded a revenue of approx. 20% (SAR 47m) higher than for H1’22 mainly due to increased business from existing customers and some new customers.

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The operating profit margin for H1’23 is mostly in line with the normal business. However, due to one-off reversals of old accrual balances in H1’2022, it is comparatively lower.

Total shareholders’