Financial Results : AICTEC profit up 15% to SAR 5.2M in H1 2024

AICTEC profit up 15% to SAR 5.2M in H1 2024

14/07/2024 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 15% rise in net profit to SAR 5.2 million during the first six months of 2024, compared to SAR 4.5 million in the same period a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 23.23 25.57 10.1 %
Gross Income 10.64 13.14 23.5 %
Operating Income 4.34 5.15 18.7 %
Net Income 4.50 5.16 14.6 %
Average Shares 64.00 64.00 -
EPS (Halala) 7.03 8.06 14.6 %

The increase in net profit was due to a 10% year-on-year (YoY) rise in project sales, mainly generated from software sales and installation services. This was achieved while maintaining relative stability in direct operating costs despite the increase in sales, leading to a higher gross profit percentage compared to the sales growth percentage.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 23.23 25.57 10.1 %
Gross Income 10.64 13.14 23.5 %
Operating Income 4.34 5.15 18.7 %
Net Income 4.50 5.16 14.6 %
Average Shares 64.00 64.00 -
EPS (Halala) 7.03 8.06 14.6 %

Shareholders’ equity, no minority interest, increased to SAR 42.46 million as of June 30, 2024, from SAR 38.75 million a year earlier.

Historical Data

Period

Revenue (SAR mln)

Net Profit (SAR mln)

EPS

H1 2021

12.77

4.27

6.67

H2 2021

17.34

0.98

1.53

H1 2022

21.05

5.45

8.51

H2 2022

20.71

2.21

3.46

H1 2023

23.23

4.50

7.03

H2 2023

24.05

(1.39)

(2.18)

H1 2024

 

25.57

5.16

8.06

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 11.05 - 6.24 - 2.25 -
H2 2020 21.78 - 12.14 - 7.47 -
H1 2021 12.77 15.6 % 10.35 65.9 % 4.59 103.6 %
H2 2021 17.34 (20.4 %) 8.54 (29.6 %) 1.86 (75.1 %)
H1 2022 21.05 64.8 % 10.81 4.4 % 4.69 2.3 %
H2 2022 20.72 19.5 % 7.51 (12.0 %) 2.65 42.6 %
H1 2023 23.23 10.4 % 10.64 (1.5 %) 4.34 (7.5 %)
H2 2023 24.05 16.1 % 6.97 (7.2 %) (1.13) (142.6 %)
H1 2024 25.57 10.1 % 13.14 23.5 % 5.15 18.7 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 1.55 - 2.42 - 1.55 0.02
H2 2020 7.43 - 11.61 - 7.43 0.12
H1 2021 4.27 175.9 % 6.67 - 4.27 0.07
H2 2021 0.98 (86.8 %) 1.53 - 0.98 0.02
H1 2022 5.45 27.6 % 8.51 - 5.45 0.09
H2 2022 2.21 126.0 % 3.46 - 2.21 0.03
H1 2023 4.50 (17.3 %) 7.03 - 4.50 0.07
H2 2023 (1.40) (163.1 %) (2.18) - (1.40) (0.02)
H1 2024 5.16 14.6 % 8.06 - 5.16 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 55.98 % 33.03 % 27.34 %
H1 2021 65.09 % 38.23 % 33.85 %
H2 2021 62.76 % 25.30 % 17.43 %
H1 2022 50.41 % 20.08 % 16.74 %
H2 2022 43.86 % 20.95 % 18.34 %
H1 2023 41.31 % 20.12 % 15.28 %
H2 2023 37.26 % 11.46 % 6.57 %
H1 2024 40.54 % 13.80 % 7.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 64.00 - - 0.22
H2 2020 64.00 14.03 14.03 0.33
H1 2021 64.00 18.28 18.28 0.40
H2 2021 64.00 8.20 8.20 0.42
H1 2022 64.00 10.04 10.04 0.50
H2 2022 64.00 11.97 11.97 0.54
H1 2023 64.00 10.49 10.49 0.61
H2 2023 64.00 4.85 4.85 0.58
H1 2024 64.00 5.88 5.88 0.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 39.02 39.02 7.80
H2 2022 19.91 19.91 4.45
H1 2023 41.46 41.46 7.18
H2 2023 83.04 83.04 6.91
H1 2024 86.27 86.27 7.64

Business Segments (Million)

Compared With The
Period Projects Wholesale technical support Other
Q2 2022 16.47 4.57 - -
Q4 2022 17.17 3.55 - -
Q2 2023 13.60 9.63 - -
Q4 2023 19.02 5.02 - -


Financial Ratios
Current
Market Cap (M Riyal) 251.52
Enterprise Value (EV) (M) 248.09
Shares Outstanding ((M)) 64.00
Book Value (BV) ( Riyal) 0.58
Par Value ( Halala) 50.00
Adjusted P/E (Last12) More than 100
Price/book 6.74
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Share Price

Advance International Company for Communication and Information Technology
3.93
0.03 0.77 %

Advance International Company for Communication and Information Technology (AICTEC)

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