WSM says qualified investors' subscription ends tomorrow, H1 2023 profit jumps 170%

Logo of WSM for Information Technology Co.

Qualified investors will continue subscribing to WSM for Information Technology Co. shares until the end of tomorrow, Feb. 1, 2024. The company offered 390,000 shares at SAR 49 each, representing 20% of its capital, on the Nomu-Parallel Market.

WSM operates in the IT sector, providing customized digital solutions and services in a number of fields, in addition to operating systems, systems analysis, technical consulting, and services for improving the user experience of systems, software and website design.

In its prospectus, WSM indicated that it continues to expand its coverage in Saudi Arabia, enhance its portfolio of products and services, and strive to increase shareholder returns to the maximum possible extent through its business strategy.

The company’s profit rose 170% to SAR 3.3 million in H1 2023 from SAR 1.2 million in H1 2022.

The robust revenues from the government sector contributed mainly to the company’s results, reaching SAR 10.65 million for the first half of 2023 (representing 87% of total revenues), compared to SAR 3.44 million a year ago.

Meanwhile, WSM recorded SAR 1.53 million in revenues from private sector entities in H1 2023 (representing 13% of total revenues), compared to SAR 0.41 million in H1 2022. The following table shows the company’s revenues by entity:

The company expects the Saudi IT sector to witness a surge, which will help it expand and grow effectively, as it seeks to benefit from its leading position to continue gaining its market share.

The company said that its general strategy relies on the following actions:

Increasing digital transformation projects: The company has solid relationships with a number of government agencies, which gives it an excellent opportunity to increase its share of digital transformation projects.

Balanced growth: The company is monitoring emerging technology trends to meet future requirements and conducting market opportunity studies to ensure real demand.

Ease of access to the market thanks to close relationships with customers: WSM is proactively looking for opportunities to boost the value of its clients' investments by developing solutions and products according to their needs.

Continuing to innovate: The company is a pioneer in digital services, customer experience and consulting, and intends to add new technical capabilities and professional expertise.

Driving sales: The company plans to continue implementing several sales initiatives designed to drive continued growth in its business, including investing in sales force productivity metrics and increasing focus on opportunities with key customers and higher deal volume.

Building a leading national brand: WSM continues to raise the bar of excellence in the local market to be a strong brand in the IT and consulting market locally and regionally.

Exploring opportunities for strategic partnerships: The company works to benefit from and work with a system of local partners in order to leverage the complementary capabilities and service offers provided by them and to discuss ways of integration and merger, if possible.