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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %
Q4 2023 387.91 34.7 % 61.24 (14.0 %) 51.57 (7.6 %)
Q1 2024 219.49 (2.5 %) 54.79 25.0 % 41.87 18.2 %
Q2 2024 287.14 16.6 % 53.60 (0.1 %) 41.30 1.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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
Q4 2023 41.21 (11.2 %) 0.14 - 41.21 0.14
Q1 2024 29.68 3.8 % 0.10 - 29.68 0.10
Q2 2024 58.77 79.7 % 0.20 26.28 32.49 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 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 %
Q1 2023 21.71 % 17.92 % 14.39 %
Q2 2023 22.57 % 18.19 % 14.47 %
Q3 2023 21.88 % 17.69 % 13.82 %
Q4 2023 19.07 % 15.78 % 12.14 %
Q1 2024 20.13 % 16.46 % 12.30 %
Q2 2024 19.43 % 15.99 % 11.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 300.00 0.46 0.46 1.27
Q1 2024 300.00 0.46 0.46 1.37
Q2 2024 300.00 0.55 0.46 1.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 26.84 26.84 9.64
Q1 2024 36.24 36.24 12.19
Q2 2024 26.77 31.86 9.36

Business Segments (Million)

Compared With The
Period Call Center services Operation and maintenance services Software licenses and development services (SWD) Managed Business Services Cybersecurity 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 -
Q4 2023 77.71 135.89 161.39 12.91 -
Q1 2024 74.88 68.66 59.07 12.51 4.37
Q2 2024 83.36 88.23 78.93 34.16 2.46

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 34.80 58.77 68.89 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 36.00 58.77 63.3 %
AlJazira Capital 33.60 58.77 74.9 %


Financial Ratios
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
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Share Price

Perfect Presentation for Commercial Services Co.
14.06
(0.04) (0.28 %)

Perfect Presentation for Commercial Services Co. (2P)

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