Financial Results : 2P posts 19% rise in Q1 2023 earnings to SAR 26.2 mln

2P posts 19% rise in Q1 2023 earnings to SAR 26.2 mln

21/05/2023 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) posted a net profit of SAR 26.2 million in Q1 2023, a 19% increase from SAR 22.1 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 193.49 225.08 16.3 %
Gross Income 35.11 43.83 24.8 %
Operating Income 27.39 35.43 29.4 %
Net Income 22.08 28.58 29.5 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.07 0.10 29.5 %

Revenue increased 16% year-on-year (YoY) to SAR 225 million, supported by the sustained growth of the company’s software development and operation & maintenance segments during the period. 

 

The backlog reached SAR 1.8 billion as of March 31, 2023, compared to SAR 1.73 billion at the end of 2022.  

 

Gross profit rose 23% YoY to SAR 39 million, essentially due to the strong growth in revenues. This translated to a gross profit margin of 17.3%, compared to 16.4% in Q1 2022. 

 

Meanwhile, the first-quarter net profit fell 43.5% quarter-on-quarter from SAR 46.40 million, due to seasonality factors that came in line with the normal operations of the company.   

 

Revenue decreased from SAR 288 million in Q4 2022 to SAR 225 million in Q1 2023. 

 

Gross profit declined 37% to SAR 39 million compared to the previous quarter. 

 

Total shareholders’ equity, no minority interest, stood at SAR 278.80 million as of March 31, 2023, compared to SAR 182.06 million a year earlier.   

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