2P’s 2023 profit down 2% to SAR 129.3M; Q4 at SAR 38.8M

31/03/2024 Argaam Exclusive

Perfect Presentation for Commercial Services Co. (2P) reported a 2% profit decline in 2023 to SAR 129.3 million from SAR 131.5 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 927.17 1,129.67 21.8 %
Gross Income 199.38 210.41 5.5 %
Operating Income 159.23 165.02 3.6 %
Net Income 131.46 129.29 (1.6 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.44 0.43 (1.6 %)

The profit decline was driven by higher finance cost to revenue increased from 2.7% in 2022 to 3.3% in 2023.

 

Additionally, the expected credit loss provision rose to SAR 12.5 million last year from SAR 4.4 million in 2022. This was partially offset by higher sales revenue, as well as gross and operating profits.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 288.06 387.91 34.7 %
Gross Income 71.22 61.24 (14.0 %)
Operating Income 55.82 51.57 (7.6 %)
Net Income 46.40 41.21 (11.2 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.15 0.14 (11.2 %)

In Q4 2023, net profit fell 17% to SAR 38.8 million from SAR 46.4 million in Q4 2022.

 

On a quarterly basis, net profit rose 15.4% from SAR 33.5 million in Q3 2023.

 

Total shareholders’ equity, no minority interest, rose to SAR 382.02 million as of Dec. 31, 2023, from SAR 253.60 million in a prior-year period.

 

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Share Price

Perfect Presentation for Commercial Services Co.
13.96
(0.06) (0.43 %)

Perfect Presentation for Commercial Services Co. (2P)

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Financial Ratios
Current
Market Cap (M Riyal) 4,188.00
Enterprise Value (EV) (M) 4,549.76
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.56
Book Value (BV) ( Riyal) 1.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 29.84
P/E (TTM) 25.14
Price/book 8.29
Return on Average Assets (%) (TTM) 14.6
Return on Average Equity (%) (TTM) 39.2
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