Sure posts 18% increase in profit to SAR 18.1 mln in 2021
26/09/2022
Argaam Exclusive
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Sure Global Technology Co. reported a net profit of SAR 18.1 million for 2021, an increase of 18% from SAR 15.4 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 134.80 | 185.43 | 37.6 % |
| Gross Income | 37.84 | 41.16 | 8.8 % |
| Operating Income | 19.12 | 21.86 | 14.4 % |
| Net Income | 15.41 | 18.13 | 17.6 % |
| Average Shares | 7.50 | 7.69 | 2.6 % |
| EPS (Riyals) | 2.05 | 2.36 | 14.7 % |
The increase was driven by a 38% year-on-year (YoY) rise in revenue and an 11% YoY decline in Zakat provision.
This came despite a 49% YoY increase in the cost of revenue, coupled with higher financing cost that reached SAR 562,000 in 2021 from 300,000 in the year before.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Revenues | 78.85 | 133.06 | 68.8 % |
| Gross Income | 24.16 | 22.86 | (5.4 %) |
| Operating Income | 13.15 | 11.97 | (9.0 %) |
| Net Income | 10.23 | 9.44 | (7.8 %) |
| Average Shares | 7.50 | 7.69 | 2.6 % |
| EPS (Riyals) | 1.36 | 1.23 | (10.1 %) |
Shareholders’ equity (no minority interest) stood at SAR 81.67 million as of Dec. 31, 2021, from SAR 68.47 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 52.38 | (6.4 %) | 18.30 | 33.7 % | 9.89 | 65.7 % |
| H2 2021 | 133.06 | 68.8 % | 22.86 | (5.4 %) | 11.97 | (9.0 %) |
| 2021 | 185.43 | 37.6 % | 41.16 | 8.8 % | 21.86 | 14.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 8.69 | 67.8 % | 1.13 | - | 8.69 | 1.13 |
| H2 2021 | 9.44 | (7.8 %) | 1.23 | - | 9.44 | 1.23 |
| 2021 | 18.13 | 17.6 % | 2.36 | - | 18.13 | 2.36 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | 32.35 % | 19.46 % | 14.42 % |
| H2 2021 | 22.20 % | 12.88 % | 9.78 % |
| 2021 | 22.20 % | 12.88 % | 9.78 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 7.69 | 2.46 | 2.46 | 9.38 |
| H2 2021 | 7.69 | 2.36 | 2.36 | 10.61 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
Business Segments (Million)
2021
| Period | Infrastructure | Managed Sevices | Digital Services | Products |
|---|
| Current | |
| Market Cap (M Riyal) | 692.10 |
| Enterprise Value (EV) (M) | 626.47 |
| Shares Outstanding ((M)) | 7.69 |
| Book Value (BV) ( Riyal) | 14.88 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 24.14 |
| Price/book | 6.05 |
Share Price
Sure Global Tech Co. (SURE)
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