TAM’s net profit rises 45% to SAR 40.6M in 2023

27/03/2024 Argaam Exclusive

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TAM Development Co. reported a net profit of SAR 40.6 million for 2023, a 45% jump from SAR 27.9 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 147.07 188.40 28.1 %
Gross Income 54.82 89.76 63.7 %
Operating Income 30.05 43.30 44.1 %
Net Income 27.93 40.60 45.4 %
Average Shares 3.66 3.66 -
Earnings Per Share before unusual items (Riyals) 7.63 11.09 45.4 %
EPS (Riyals) 7.63 11.09 45.4 %

This was spurred by a 28.1% increase year-on-year (YoY) in revenue, 63.7% growth YoY in gross profit and a 46.9% rise in operating profit.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 108.82 125.59 15.4 %
Gross Income 42.40 65.33 54.1 %
Operating Income 26.75 36.62 36.9 %
Net Income 25.56 35.84 40.2 %
Average Shares 3.66 3.66 -
Earnings Per Share before unusual items (Riyals) 6.98 9.79 40.2 %
EPS (Riyals) 6.98 9.79 40.2 %

Total shareholders’ equity, no minority interest, stood at SAR 109.76 million by Dec. 31, 2023, compared to SAR 71.62 million a year ago.

 

Historical Data

Period

Revenue (SAR mln)

Net profit (SAR mln)

EPS (SAR /share)

H1 2021

25.10

2.81

0.77

H2 2021

64.75

13.71

3.75

H1 2022

38.26

2.37

0.65

H2 2022

108.81

25.56

6.98

H1 2023

62.811

4.76

1.30

H2 2023

125.59

35.84

9.79

 

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Share Price

Tam Development Co.
163.00
8.00 5.16 %

Tam Development Co. (TAM DEVELOPMENT)

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Financial Ratios
Current
Market Cap (M Riyal) 567.15
Enterprise Value (EV) (M) 526.03
Shares Outstanding ((M)) 3.66
Book Value (BV) ( Riyal) 37.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.82
Price/book 4.15
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