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.
| 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 | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.88 | 0.86 | (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.
| 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 | 59.14 | 5.9 % |
| Net Income | 46.40 | 41.21 | (11.2 %) |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.31 | 0.27 | (11.2 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 270.32 | 387.91 | 43.5 % |
| Gross Income | 56.65 | 61.24 | 8.1 % |
| Operating Income | 44.03 | 59.14 | 34.3 % |
| Net Income | 33.58 | 41.21 | 22.7 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.22 | 0.27 | 22.7 % |
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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