Financial Results : 2P 9M 2023 profit grows 7% to SAR 90.5 mln; Q3 at SAR 33.6 mln

2P 9M 2023 profit grows 7% to SAR 90.5 mln; Q3 at SAR 33.6 mln

07/11/2023 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) reported a 7% profit rise in the first nine months of 2023 to SAR 90.5 million from SAR 85.1 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 639.11 741.77 16.1 %
Gross Income 128.17 155.07 21.0 %
Operating Income 103.41 122.45 18.4 %
Net Income 85.05 95.94 12.8 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.28 0.32 12.8 %

The nine-month revenue increased 16% to SAR 742 million, as a result of the sustained improvement in software development. Gross profit increased 18% to SAR 151 million, due to the robust growth in revenue during the period. Gross margins reached 20.4%, compared to 20.1% in 9M 2022.

 

In Q3 2023, net profit grew 4% year-on-year (YoY) to SAR 33.6 million, from SAR 32.26 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 207.37 270.32 30.4 %
Gross Income 49.55 56.65 14.3 %
Operating Income 39.56 45.76 15.7 %
Net Income 32.26 34.65 7.4 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.11 0.12 7.4 %

Revenue increased 30% to SAR 270 million, driven by the continued improvement in the performance of the company’s software development and operation & maintenance segments during the period, and the contribution of managed services.

 

In addition, gross profit increased 14% to SAR 57 million, while gross margins stood at 21%, compared to 23.9% in Q3 2022. Moreover, operating profit grew 11% to SAR 44 million in Q3 2023, from SAR 40 million in Q3 2022.

 

On a quarterly basis, net profit rose 9.2% from SAR 30.76 million.

 

Total shareholders’ equity, no minority interest, rose to SAR 343.92 million by Sept. 30, 2023, from SAR 219.20 million in a prior-year period.

 

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