2P 9M 2023 profit grows 7% to SAR 90.5 mln; Q3 at SAR 33.6 mln
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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 | 121.32 | 17.3 % |
| Net Income | 85.05 | 95.94 | 12.8 % |
| Average Shares | 300.00 | 300.00 | - |
| Earnings Per Share before unusual items (Riyals) | 0.28 | 0.32 | 12.8 % |
| EPS (Riyal) | 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)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 207.37 | 270.32 | 30.4 % |
| Gross Income | 49.55 | 57.59 | 16.2 % |
| Operating Income | 39.56 | 45.10 | 14.0 % |
| Net Income | 32.26 | 34.65 | 7.4 % |
| Average Shares | 300.00 | 300.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.11 | 0.12 | 7.4 % |
| EPS (Riyal) | 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.
Attached Documents
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % | 57.59 | 16.2 % | 45.10 | 14.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 | 21.97 % | 17.62 % | 13.82 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 22.72 | 22.72 | 11.15 |
| Q2 2023 | 22.70 | 22.70 | 10.08 |
| Q3 2023 | 23.44 | 23.44 | 9.70 |
Business Segments (Million)
Q3 2023
| Period | Call Center services | Operation and maintenance services | Software licenses and development services (SWD) | Managed Business Services |
|---|---|---|---|---|
| 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 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 35.30 | 34.65 | (1.8 %) |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Al Rajhi Capital | 35.00 | 34.65 | (1.0) % |
| AlJazira Capital | 35.60 | 34.65 | (2.7) % |
| Current | |
| Market Cap (M Riyal) | 3,435.00 |
| Enterprise Value (EV) (M) | 3,846.35 |
| Shares Outstanding ((M)) | 300.00 |
| EPS ( Riyal) (TTM) | 0.55 |
| Book Value (BV) ( Riyal) | 1.93 |
| Par Value ( Riyal) | 1.00 |
| Recurring P/E | 27.74 |
| P/E (TTM) | 20.70 |
| Price/book | 5.95 |
| Return on Average Assets (%) (TTM) | 12.6 |
| Return on Average Equity (%) (TTM) | 33.6 |
| EV/adj EBITDA | 21.39 |
| EV/Revenues | 3.33 |
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