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

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 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	246.36	270.32	9.7 %
Gross Income	53.65	56.65	5.6 %
Operating Income	40.79	45.76	12.2 %
Net Income	32.71	34.65	5.9 %
Average Shares	300.00	300.00	-
EPS (Riyals)	0.11	0.12	5.9 %

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.

Attached Documents

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Share Price

Perfect Presentation for Commercial Services Co. (2P)

	Current
Market Cap (M Riyal)	4,218.00
Enterprise Value (EV) (M)	4,579.76
Shares Outstanding ((M))	300.00
EPS ( Riyal) (TTM)	0.56
Book Value (BV) ( Riyal)	1.68
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	30.06
P/E (TTM)	25.32
Price/book	8.35
Return on Average Assets (%) (TTM)	14.6
Return on Average Equity (%) (TTM)	39.2

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
Q1 2021	124.32	-	22.30	-	15.30	-
Q2 2021	142.26	-	16.39	-	8.76	-
Q3 2021	160.84	-	32.13	-	18.71	-
Q4 2021	228.06	-	45.18	-	43.47	-
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
Q1 2022	193.49	55.6 %	35.11	57.4 %	27.39	79.0 %
Q2 2022	238.25	67.5 %	43.51	165.5 %	36.46	316.1 %
Q3 2022	207.37	28.9 %	49.55	54.2 %	39.56	111.4 %
Q4 2022	288.06	26.3 %	71.22	57.6 %	55.82	28.4 %
2022	927.17	41.4 %	199.38	71.9 %	159.23	84.6 %
Q1 2023	225.08	16.3 %	43.83	24.8 %	35.43	29.4 %
Q2 2023	246.36	3.4 %	53.65	23.3 %	40.79	11.9 %
Q3 2023	270.32	30.4 %	56.65	14.3 %	45.76	15.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
2022	927.17	41.4 %	199.38	71.9 %	159.23	84.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	23.01	31.3 %	0.08	-	23.01	0.08
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	64.37	179.8 %	0.21	-	64.37	0.21
Q1 2021	14.49	-	0.05	-	14.49	0.05
Q2 2021	6.89	-	0.02	-	6.89	0.02
Q3 2021	17.58	-	0.06	-	17.58	0.06
Q4 2021	41.65	-	0.14	-	41.65	0.14
2021	80.62	25.2 %	0.27	-	80.62	0.27
Q1 2022	22.08	52.3 %	0.07	-	22.08	0.07
Q2 2022	30.72	346.0 %	0.10	-	30.72	0.10
Q3 2022	32.26	83.5 %	0.11	-	32.26	0.11
Q4 2022	46.40	11.4 %	0.15	-	46.40	0.15
2022	131.46	63.1 %	0.44	-	131.46	0.44
Q1 2023	28.58	29.5 %	0.10	-	28.58	0.10
Q2 2023	32.71	6.5 %	0.11	-	32.71	0.11
Q3 2023	34.65	7.4 %	0.12	-	34.65	0.12

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
2019	23.01	31.3 %	0.08	-	23.01	0.08
2020	64.37	179.8 %	0.21	-	64.37	0.21
2021	80.62	25.2 %	0.27	-	80.62	0.27
2022	131.46	63.1 %	0.44	-	131.46	0.44

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	15.87 %	9.42 %	9.72 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	18.36 %	9.05 %	7.72 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	18.87 %	13.58 %	13.34 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	17.70 %	13.60 %	12.30 %
2021	17.70 %	13.60 %	12.30 %
Q1 2022	17.78 %	14.02 %	12.17 %
Q2 2022	19.00 %	15.78 %	13.65 %
Q3 2022	19.99 %	17.39 %	14.61 %
Q4 2022	21.50 %	17.64 %	14.18 %
2022	21.50 %	17.64 %	14.18 %
Q1 2023	21.71 %	17.92 %	14.39 %
Q2 2023	22.57 %	18.19 %	14.47 %
Q3 2023	21.88 %	17.69 %	13.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	15.87 %	9.42 %	9.72 %
2019	18.36 %	9.05 %	7.72 %
2020	18.87 %	13.58 %	13.34 %
2021	17.70 %	13.60 %	12.30 %
2022	21.50 %	17.64 %	14.18 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	17.94 %	12.82 %	11.66 %
Q2 2021	11.52 %	6.74 %	4.84 %
Q3 2021	19.98 %	12.02 %	10.93 %
Q4 2021	19.81 %	19.41 %	18.26 %
Q1 2022	18.14 %	14.68 %	11.41 %
Q2 2022	18.26 %	15.75 %	12.89 %
Q3 2022	23.89 %	19.61 %	15.56 %
Q4 2022	24.72 %	19.79 %	16.11 %
Q1 2023	19.47 %	16.28 %	12.70 %
Q2 2023	21.78 %	16.88 %	13.28 %
Q3 2023	20.96 %	17.36 %	12.82 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	300.00	-	-	0.42
Q2 2021	300.00	-	-	0.44
Q3 2021	300.00	-	-	0.49
Q4 2021	300.00	0.27	0.27	0.53
Q1 2022	300.00	0.29	0.29	0.61
Q2 2022	300.00	0.37	0.37	0.65
Q3 2022	300.00	0.42	0.42	0.73
Q4 2022	300.00	0.44	0.44	0.85
Q1 2023	300.00	0.46	0.46	0.94
Q2 2023	300.00	0.47	0.47	1.05
Q3 2023	300.00	0.47	0.47	1.15

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	300.00	0.06	0.06	0.16
2019	300.00	0.08	0.08	0.24
2020	300.00	0.21	0.21	0.37
2021	300.00	0.27	0.27	0.53
2022	300.00	0.44	0.44	0.85

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	19.99	19.99	10.36
Q1 2023	22.72	22.72	11.15
Q2 2023	22.70	22.70	10.08
Q3 2023	23.44	23.44	9.70

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	19.99	19.99	10.36

Business Segments (Million)

Compared With The

Period	Call Center services	Operation and maintenance services	Software licenses and development services (SWD)	Managed Business Services
Q1 2021	59.70	32.88	31.74	-
Q2 2021	66.25	43.96	32.05	-
Q3 2021	81.06	51.21	28.57	-
Q4 2021	94.65	84.41	48.99	-
Q1 2022	85.92	66.78	40.79	-
Q2 2022	98.60	70.34	69.32	-
Q3 2022	86.61	76.19	44.57	-
Q4 2022	72.90	140.60	74.56	-
Q1 2023	66.50	80.42	78.15	-
Q2 2023	83.49	81.79	77.77	3.32
Q3 2023	76.75	83.30	99.26	11.01

Period	Call Center services	Operation and maintenance services	Software licenses and development services (SWD)	Managed Business Services
2019	107.41	114.94	75.75	-
2020	231.18	134.49	116.80	-
2021	301.67	212.47	141.34	-
2022	344.02	353.91	229.24	-

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	35.30	34.65	(1.8 %)

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Al Rajhi Capital	35.00	34.65	(1.0) %
AlJazira Capital	35.60	34.65	(2.7) %

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

Financials (M)

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

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Perfect Presentation for Commercial Services Co. (2P)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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