Riyadh — Mubasher: Rasan Information Technology Company issued a corrective disclosure regarding its financial results for the period ended on 30 June 2025, following a reclassification of certain line items between revenue and cost of sales.
The adjustment was finalized after an external auditor review, according to a bourse disclosure.
In addition, the correction shifts the presentation of specific figures from a net to a gross basis to ensure consistency with the current reporting period.
Rasan stated: “The impact of the 2026 reclassification will be reflected in the upcoming periods, resulting in an increase in reported revenue and cost of sales in equal amounts, with no change to gross profit or net profit.”
For the six-month period ended on 30 June 2025, corrected revenue rose to SAR 285 million from the previously stated SAR 245 million.
This adjustment resulted in a revised year-on-year (YoY) revenue growth rate of 82% for the first half (H1) of 2026, compared to the 111% initially reported.
For the three-month period ended in June 2025, revenue was corrected to SAR 146 million from SAR 124 million, adjusting the quarterly growth rate to 75% from 106%.
Rasan confirmed that the reclassification increased both revenue and cost of sales by equal amounts—SAR 40 million for the six-month period and SAR 22 million for the three-month period.
The company further emphasized that these changes have no impact on gross profit, operating profit, or net profit.
For H1-26, Rasan reported revenue of SAR 517 million and a net profit of SAR 216 million.
