Financial Results : 2P posts 4% rise in Q1 2024 earnings to SAR 29.7M

2P posts 4% rise in Q1 2024 earnings to SAR 29.7M

14/05/2024 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) posted a net profit of SAR 29.7 million in Q1 2024, a 4% increase from SAR 28.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 225.08 219.49 (2.5 %)
Gross Income 43.83 54.79 25.0 %
Operating Income 35.43 41.87 18.2 %
Net Income 28.58 29.68 3.8 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.10 0.10 3.8 %

Gross profit grew by 25% year-on-year (YoY) to SAR 54 million, essentially due to the start of operating new projects, especially in customer experience and managed service portfolios. This led to a gross profit margin of 24.96%, compared to 19.47% in Q1 2023.

 

Operating profit increased by 17% YoY to SAR 42 million, thus outpacing the marginal rise in selling, general, and administrative expenses.

 

However, revenues fell by 2.8% to SAR 219 million compared to SAR 225 million, due to the completion of some projects before the start of 2024.

 

On a quarter-on-quarter basis, the three-month net earnings dropped 28% from SAR 41.21 million, due to a decline in revenues from SAR 387.9 million to SAR 219 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 410.97 million as of March 31, 2024, compared to SAR 281.18 million a year earlier.

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