Digital Research H1 2024 earnings fall 7% to SAR 3.2M

04/11/2024 Argaam Exclusive

Digital Research Co., which is set to list its shares on the Nomu-Parallel Market, posted net earnings of SAR 3.2 million for H1 2024, down 7% from SAR 3.4 million a year before.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 22.61 27.73 22.6 %
Gross Income 8.37 10.54 25.9 %
Operating Income 3.65 4.01 9.9 %
Net Income 3.41 3.19 (6.5 %)
Average Shares 1.50 1.50 -
EPS (Riyals) 2.28 2.13 (6.5 %)

Operating profit margin declined to 14% in the six-month period from 16% a year before, due to higher administrative and marketing expenses.

 

In addition, net profit margin dropped to 12% from 15% in H1 2023.

 

The company also cited a rise in financing costs and Zakat provision.

 

However, revenues leapt 23% year-on-year (YoY), supported by a 16% increase in revenues from research and advisory services and a 54% surge in financial analysis revenues.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 22.61 27.73 22.6 %
Gross Income 8.37 10.54 25.9 %
Operating Income 3.65 4.01 9.9 %
Net Income 3.41 3.19 (6.5 %)
Average Shares 1.50 1.50 -
EPS (Riyals) 2.28 2.13 (6.5 %)

Total shareholders' equity, no minority interest, reached SAR 20.51 million by the end of H1 2024, compared with SAR 14.06 million a year earlier.

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Share Price

Digital Research Co.
82.00
(1.00) (1.20 %)

Digital Research Co. (DRC)

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Financial Ratios
Current
Market Cap (M Riyal) 138.33
Enterprise Value (EV) (M) 134.03
Shares Outstanding ((M)) 1.69
Book Value (BV) ( Riyal) 14.22
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.13
Price/book 6.49
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