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.

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
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	16.48	-	7.66	-	3.30	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	30.37	84.3 %	11.06	44.4 %	7.03	112.9 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	32.83	8.1 %	18.38	66.1 %	9.73	38.4 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	30.11	(8.3 %)	18.90	2.8 %	6.45	(33.7 %)
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	41.76	38.7 %	18.32	(3.1 %)	7.35	13.9 %
Q1 2023	-	-	-	-	-	-
Q2 2023	-	-	-	-	-	-
Q3 2023	-	-	-	-	-	-
Q4 2023	-	-	-	-	-	-
2023	47.28	13.2 %	17.62	(3.8 %)	3.21	(56.3 %)
Q1 2024	-	-	-	-	-	-
Q2 2024	-	-	-	-	-	-

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	16.48	-	7.66	-	3.30	-
2019	30.37	84.3 %	11.06	44.4 %	7.03	112.9 %
2020	32.83	8.1 %	18.38	66.1 %	9.73	38.4 %
2021	30.11	(8.3 %)	18.90	2.8 %	6.45	(33.7 %)
2022	41.76	38.7 %	18.32	(3.1 %)	7.35	13.9 %
2023	47.28	13.2 %	17.62	(3.8 %)	3.21	(56.3 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	3.41	-	5.33	-	3.41	0.05
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	5.89	72.6 %	9.20	-	5.89	0.09
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	8.98	52.5 %	14.03	-	8.98	0.14
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	5.25	(41.6 %)	8.20	-	5.25	0.08
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	7.66	46.0 %	11.97	-	7.66	0.12
Q1 2023	-	-	-	-	-	-
Q2 2023	-	-	-	-	-	-
Q3 2023	-	-	-	-	-	-
Q4 2023	-	-	-	-	-	-
2023	3.11	(59.4 %)	4.85	-	3.11	0.05
Q1 2024	-	-	-	-	-	-
Q2 2024	-	-	-	-	-	-

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	3.41	-	5.33	-	3.41	0.05
2019	5.89	72.6 %	9.20	-	5.89	0.09
2020	8.98	52.5 %	14.03	-	8.98	0.14
2021	5.25	(41.6 %)	8.20	-	5.25	0.08
2022	7.66	46.0 %	11.97	-	7.66	0.12
2023	3.11	(59.4 %)	4.85	-	3.11	0.05

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	46.48 %	21.43 %	20.70 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	36.43 %	26.98 %	19.39 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	55.97 %	33.03 %	27.34 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	62.76 %	25.30 %	17.42 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	43.86 %	20.95 %	18.34 %
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
2023	37.26 %	11.46 %	6.57 %
Q1 2024	-	-	-
Q2 2024	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	46.48 %	21.43 %	20.70 %
2019	36.43 %	26.98 %	19.39 %
2020	55.97 %	33.03 %	27.34 %
2021	62.76 %	25.30 %	17.42 %
2022	43.86 %	20.95 %	18.34 %
2023	37.26 %	11.46 %	6.57 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	-	-	-	-
Q2 2023	-	-	-	-
Q3 2023	-	-	-	-
Q4 2023	-	-	-	-
Q1 2024	-	-	-	-
Q2 2024	-	-	-	-

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	64.00	5.33	5.33	0.10
2019	64.00	9.20	9.20	0.19
2020	64.00	14.03	14.03	0.33
2021	64.00	8.20	8.20	0.42
2022	64.00	11.97	11.97	0.54
2023	64.00	4.85	4.85	0.58

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	-	-	-

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	19.91	19.91	4.45
2023	83.03	83.03	6.91

Business Segments (Million)

Compared With The

Period	Projects	Wholesale	technical support	Other

Period	Projects	Wholesale	technical support	Other
2019	10.23	19.87	0.27	-
2020	20.88	9.35	0.63	1.98
2021	17.69	11.86	0.04	0.52
2022	33.64	8.12	-	-
2023	32.62	14.66	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	334.72
Enterprise Value (EV) (M)	331.29
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	8.97

Advance International Company for Communication and Information Technology (AICTEC)

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

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Financials (M)

Financial results (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Advance International Company for Communication and Information Technology (AICTEC)

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

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Financials (M)

Financial results (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) 2023

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Advance International Company for Communication and Information Technology (AICTEC)

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Business Segments (Million)