Riyadh – Mubasher: Edarat Communication and Information Technology Company (Edarat Group) reported a net profit of SAR 24.66 million in 2024, which marked a 41.98% year-on-year (YoY) surge from SAR 17.37 million.
Edarat Group’s revenue increased by 30.32% to SAR 104.56 million last year, compared to SAR 80.23 million in 2023, according to the financial results.
Earnings per share (EPS) grew to SAR 9.79 in 2024 from SAR 6.89 in 2023.
The company attributed the revenue growth last year to an increase in revenues from both Edarat Cloud and Data Center services by 61% and 11%, respectively, in line with the two agreements signed in July 2024 with BPS ARABIA for Information Technology as well as Digital Centers for Data and Communication.
It is worth noting that in December 2024, the board of directors recommended doubling the capital to SAR 50.40 million. This proposal followed a previous approval by Edarat Group’s shareholders to increase the capital to SAR 25.20 million.
In November last year, Edarat Group’s extraordinary general assembly approved an Employee Stock Ownership Program including the purchase of up to 5,000 shares.
