Fanap’s net profit grew by 75% in the first half of 2023

A review of Fanap’s consolidated profit and loss statement, which includes the performance of this company and its sub-groups

According to the Iran digital economy annotation, Fanap’s consolidated profit and loss statement shows that this company had an operating income of nearly 4400 billion tomans in the first half of this year. The net profit of this company was reported to be 528 billion tomans in the mentioned period, which has grown by 75% compared to the same period in 2022.

The financial statements of Pasargad Arian Information and Communication Technology Company (FNAP) ending on September 22, 2023 were published on Codal. This group mainly operates in the fields of information technology, preparation and production of software and hardware systems, implementation of programs and educational systems.

Fanap has many sub-categories, and the activities of these sub-companies are mainly in the field of information and communication technology. The consolidated operating income of this company, which includes the income of Fanap and its subsidiary groups, is reported to be around 4400 billion Tomans. This figure shows a nearly 35% increase compared to the first half of 2022.

However, Fanap’s net profit has reached 528 billion Tomans in the last six months with a 75% growth compared to the same period last year.

As stated in the consolidated financial statement as of September 22, 2023, the fixed assets of Fanap and its subsidiary groups such as Arvancloud, Pasargad Electronic Payment, Datis Arain Qeshm Software and Asan Padro are estimated at around 6600 billion Tomans. The estimate of intangible assets is around 2600 billion tomans.

This company has earned more than 357 billion Tomans in the first six months of this year, which has achieved a gross profit of 354 billion Tomans due to the significant reduction in the cost of its operating income. This figure shows a triple growth compared to the same period in 2022.

But the remarkable thing is the 772 percent growth of the company’s net profit compared to the same period. This increase is due to the profit from the sale of this company’s investments during the first 6 months of this year.

A look at Fanap’s revenue streams

The sale of “goods and parts”, “software”, “providing services” and profit from investments are among the main sources of income for Fanap and its affiliated groups. According to the financial statement published on Kodal, Fanap along with its subsidiaries sold 2008 billion Tomans in the first six months of this year, of which 628 billion Tomans were for the sale of goods and parts and 1385 billion Tomans for the sale of mobile phone charging.

The sale of software is another source of income for this collection, the figure for which is reported to be around 716 billion tomans for the first six months of 2023. All this amount was related to the sale of banking and insurance software licenses, which has a threefold growth compared to the first half of 2022.

In the explanations of the financial statements, it is stated that this increase in sales was influenced by factors such as the inflation rate, new needs of customers, etc. Also, during the first six months of this year, Fanap Group has paid more than 653 billion Tomans in salaries and wages.