Riyadh – Mubasher: Arabian Contracting Services Company (Al Arabia) posted net profits of SAR 318.23 million in 2023, an annual leap of 15.85% compared to SAR 274.70 million.
Revenues amounted to SAR 1.27 billion last year, versus SAR 1.12 billion in 2022, according to the financial results.
The higher net profits were mainly attributed to a 14% year-on-year (YoY) rise in revenue due to the expansion of the advertising network in the operational sectors of the company.
This increase in revenue coincided with a slight 7% growth in the cost of revenue compared to 2022, which led to a 23% hike in gross profit, reaching SAR 598.20 million.
Earnings per share (EPS) jumped to SAR 6.36 as of 31 December 2023 from SAR 5.49 a year earlier.
In the first nine months (9M) of 2023, Al Arabia recorded 23.36% YoY higher net profits at SAR 238.79 million, compared to SAR 193.57 million.
