2P’s 2023 profit down 2% to SAR 129.3M; Q4 at SAR 38.8M

31/03/2024 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) reported a 2% profit decline in 2023 to SAR 129.3 million from SAR 131.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	927.17	1,129.67	21.8 %
Gross Income	199.38	210.41	5.5 %
Operating Income	159.23	165.02	3.6 %
Net Income	131.46	129.29	(1.6 %)
Average Shares	300.00	300.00	-
EPS (Riyals)	0.44	0.43	(1.6 %)

The profit decline was driven by higher finance cost to revenue increased from 2.7% in 2022 to 3.3% in 2023.

Additionally, the expected credit loss provision rose to SAR 12.5 million last year from SAR 4.4 million in 2022. This was partially offset by higher sales revenue, as well as gross and operating profits.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	288.06	387.91	34.7 %
Gross Income	71.22	61.24	(14.0 %)
Operating Income	55.82	51.57	(7.6 %)
Net Income	46.40	41.21	(11.2 %)
Average Shares	300.00	300.00	-
EPS (Riyals)	0.15	0.14	(11.2 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	270.32	387.91	43.5 %
Gross Income	56.65	61.24	8.1 %
Operating Income	45.76	51.57	12.7 %
Net Income	34.65	41.21	18.9 %
Average Shares	300.00	300.00	-
EPS (Riyals)	0.12	0.14	18.9 %

In Q4 2023, net profit fell 17% to SAR 38.8 million from SAR 46.4 million in Q4 2022.

On a quarterly basis, net profit rose 15.4% from SAR 33.5 million in Q3 2023.

Total shareholders’ equity, no minority interest, rose to SAR 382.02 million as of Dec. 31, 2023, from SAR 253.60 million in a prior-year period.

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