2P profit surges 63% to SAR 131.5 mln in 2022; Q4 hits SAR 46.4 mln

20/03/2023 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) posted a net profit of SAR 131.5 million in 2022, a 63% increase from SAR 80.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	655.48	927.17	41.4 %
Gross Income	116.01	199.38	71.9 %
Operating Income	86.24	159.23	84.6 %
Net Income	80.62	131.46	63.1 %
Average Shares	300.00	300.00	-
EPS (Riyals)	0.27	0.44	63.1 %

The positive performance was driven by a 41.5% year-on-year (YoY) increase in revenue to SAR 927.2 million, as the growth momentum continued across the company’s business lines: customer experience, operation & maintenance and software development.

Projects under implementation reached a record high at SAR 1.73 billion in 2022, increasing 55% YoY.

Gross profit increased by 55.5% in 2022 to reach SAR 180.4 million, supported mainly by enhanced revenue performance. This translated into a higher gross profit margin of 19.5% last year, compared to 17.7% in 2021.

Moreover, operating profit grew 60.1% YoY to SAR 138.1 million in 2022, largely outweighing the 34% increase in selling, general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	228.06	288.06	26.3 %
Gross Income	45.18	71.22	57.6 %
Operating Income	43.47	55.82	28.4 %
Net Income	41.65	46.40	11.4 %
Average Shares	300.00	300.00	-
EPS (Riyals)	0.14	0.15	11.4 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	207.37	288.06	38.9 %
Gross Income	49.55	71.22	43.7 %
Operating Income	39.56	55.82	41.1 %
Net Income	32.26	46.40	43.9 %
Average Shares	300.00	300.00	-
EPS (Riyals)	0.11	0.15	43.9 %

The fourth-quarter 2022 net profit rose 11% to SAR 46.4 million from SAR 41.6 million a year earlier.

Sequentially, net profit rose 43.9% from SAR 32.2 million in Q3 2022.

Total shareholders’ equity, no minority interest, stood at SAR 253.60 million as of Dec. 31, 2022, compared to SAR 159.72 million a year earlier.

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