The net profit of “Abramad” increased 9 times

The audited financial statements of Abramad indicate the double growth of the operating income of this company.

According to Iran digital economy annotation, over the past year, Abramad has recorded an acceptable financial performance. The company’s income has doubled and its net profit has increased 9 times.

The audited financial statements of the company “Abramad Technological Infrastructure Development” ending March 19, 2024 were published on Codal. “Abramad” as a sub-category of “System Group”, was established in 2019 to provide cloud computing services to businesses and organizations.

This company earned more than 1 million and 662 thousand dollars  in 2023, which has doubled compared to 2021. The net profit of Abramad has also increased by about 9 times, reaching 220 thousand dollars.

“Farid Fouladi”, the chairman of the board of directors of System Group, had previously mentioned the growing trend of Abramad:

“The path we took from 2019 to 2021 in Abramad was not very suitable; But since 2021 until now, there has been a growing situation. We have about 4 or 5 thousand virtual machines working in our data center. “Currently, there are 300-400 cases of customers who have upgraded various software or even software they bought from system group and are using our services.”

The financial statements published on Codal also confirm these Fouladi words.

In the past year, Abramad earned 1 million and 600 thousand dollars from cloud computing subscription fees, which has doubled compared to 2022. He has also earned  23 thousand dollors for education.

65% of the revenue was the result of sales to the companies of the system group. This figure has decreased by 6% compared to 2022, which shows the growing range of customers of this service.

The total cost of operating income of this company is about 1 million and 170 thousand dollars. Nearly half of these costs include salaries and wages.

Also, Abramad has transferred 38 thousand dollars of its expenses to the heading of intangible assets. This figure is recorded as “software in production”, which is related to the expenditure of production teams to build the virtual infrastructure product.