Financial Results : 2P gains SAR 88.5M in H1 2024, SAR 58.8M in Q2

2P gains SAR 88.5M in H1 2024, SAR 58.8M in Q2

01/08/2024 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) posted a net profit of SAR 88.5 million in H1 2024, a 44%% leap from SAR 61.3 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 471.45 506.63 7.5 %
Gross Income 97.48 108.39 11.2 %
Operating Income 76.22 82.71 8.5 %
Net Income 61.29 88.45 44.3 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.20 0.29 44.3 %

Revenues increased by 7% year-on-year (YoY) to SAR 506 million in the six-month period, driven by the continued growth across all business segments as well as the operation of the cybersecurity business in early 2024.

 

The company recorded capitalized gains of SAR 26 million for the compensation of one of its divested properties in Al Khozama.

 

In Q2 2024, net profit reached SAR 58.8 million, leaping 79.7% YoY from SAR 30.7 million, boosted mainly by higher revenues.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 246.36 287.14 16.6 %
Gross Income 53.65 53.60 (0.1 %)
Operating Income 40.79 41.30 1.3 %
Net Income 32.71 58.77 79.7 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.11 0.20 79.7 %

The second-quarter earnings also rose 98% from SAR 29.68 million in Q1 2024.

 

Total shareholders’ equity, with no minority interest, stood at SAR 469.79 million as of June 30, 2024, compared to SAR 382.02 million a year earlier.

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