Science Applications International Corporation (SAIC), a US-based company that offers government services and IT support, has reported a 5% year-on-year (YoY) increase in annual revenues for the full fiscal year 2022.

The company’s revenues totalled $7.39bn in the year that ended on 28 January 2022, compared to $7.06bn recorded a year ago.

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The increase was attributed to new and existing contracts, and the acquisitions of Unisys Federal, and Halfaker, among others.

Annual net income attributable to common stockholders also increased 33%, from $209m in FY21, to $277m in FY22.

In the fourth quarter of FY22, SAIC’s revenues amounted to $1.78bn. The figure represents a 4% growth, compared to the $1.71bn registered in the same quarter a year prior.

In the three-month period ending on 28 January 2022, the company’s net income, however, dropped on a YoY basis from $62m to $43m.

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SAIC CEO Nazzic Keene said: “I am proud of the team’s performance in fiscal year 2022, with financial results reflecting our commitment to the mission while delivering value to shareholders.

“Our focus to begin fiscal year 2023 is on positioning our portfolio to maximise value for all stakeholders. The outlook we are providing demonstrates our ability to increase free cash flow and capital returns to shareholders while investing internally to drive growth.”

The company also announced a cash dividend of $0.37 per share payable to stockholders of record on 14 April 2022 next month.

Headquartered in Reston, Virginia, SAIC offers solutions to the defence, space, civilian, and intelligence markets.

In FY23, the company expects annual revenues to be in the range of $7.35bn to $7.55bn.