2P maintained profitability despite seasonal factors: CEO

Ehsan Daghman, CEO of Perfect Presentation for Commercial Services Co. (2P)

Perfect Presentation for Commercial Services Co. (2P) maintained its profitability in the second quarter of 2023, despite seasonal considerations such as the reduced number of working days owing to the two Eid holidays, CEO Ehssan Doughman told Argaam. 

Doughman explained that the company is keen to balance and diversify revenues among business lines, adding that the operation and maintenance segment ranked first in Q2 revenues, given the start of realizing revenues from the managed services segment.  

The projects that are under execution currently stand at SAR 1.7 billion, while the value of short-term financing amounts to SAR 327.56 million, which is used to finance direct operations, he added. 

Doughman also pointed out that the company successfully maintained its market share with plans to expand in the managed services segment.  

Furthermore, the project with the Saudi Authority for Data and Artificial Intelligence was in the process of signing the contract and completing the relevant documentation, and the relevant financial impact would appear in the following months. 

As for his expectations for Q3 2023, the top executive indicated that the strong performance in H1 2023 will enable the company to achieve the target results over the coming period, including the third quarter. 

The company posted an 8% rise in net profit to SAR 57 million in H1 2023, from SAR 52.8 million in H1 2022. Q2 profit amounted to SAR 30.8 million, according to Argaam's data.