#1- Solutions, the tech subsidiary of telecom operator STC, saw its net income up 33.2% y-o-y to SAR 453 mn in 2Q 2024, it said in a disclosure to Tadawul. Revenues inched up 2.6% y-o-y to SAR 2.8 bn over the same period. The company had not posted its full earnings package to its website by dispatch time this morning.

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Fueling growth: Solutions said the rise in net income was the result of higher revenues and as well as lower operating costs. It also paid less in zakat and taxes. Revenues grew on the back of an increase in managed IT and operational services despite its core ICT services and digital services seeing a decline.

For the year to-date: Solutions’ net income is up 25.3% y-o-y to SAR 806 mn in 1H 2024 while its revenues were up 3.8% y-o-y over the period to SAR 5.6 bn.

#2- Tadawul-listed Aldrees Petroleum and Transport Services Co.’s net income rose 17.4% y-o-y to SAR 82.4 mn in 2Q 2024, it said in a disclosure to Tadawul. Its revenues were up 28.5% y-o-y to SAR 4.6 bn over the same period. You can download the company’s 2Q results presentation here (pdf).

The drivers: Better sales from its petrol and transport division helped offset rising financing costs and zakat expenses during the period, according to the disclosure. It delivered better revenues as it grew its footprint with more operating stations and more transport trucks on the road.

For the year to-date: Aldrees’ net income is up 13.5% y-o-y to SAR 160 mn for 1H 2024, while revenues rose 28% y-o-y to SAR 9 bn.

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