TAM Development’s profit falls 16% to SAR 2.4 mln in H1 2022

13/04/2023 Argaam Exclusive

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TAM Development Co. reported a 16% fall in net profit to SAR 2.4 million in H1 2022, compared to SAR 2.8 million in H1 2021.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	25.10	38.26	52.4 %
Gross Income	9.05	12.43	37.3 %
Operating Income	3.31	3.31	(0.1 %)
Net Income	2.81	2.37	(15.6 %)
Average Shares	3.66	3.66	-
EPS (Riyals)	0.77	0.65	(15.6 %)

TAM’s performance was impacted by a drop in gross profit margin to 32% on higher cost of revenues. The operating profit margin also slowed to 9% in H1 2022 from 13% in the year before as general and administrative expenses climbed to SAR 9 million from SAR 6.1 million in H1 2021.

The company reported an increase in financing costs and Zakat provision.

It also realized other revenues of SAR 38,000 in H1 2022, compared to none for the current period a year ago.

It recorded a provision for impairment of receivables of SAR 85,000 for the current period, compared to provision reversal of SAR 352,000 for the similar period a year earlier.

Revenues jumped 52% year-on-year (YoY) as a result of a SAR 13 million rise in the revenues of the consulting services and project management segment.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	25.10	38.26	52.4 %
Gross Income	9.05	12.43	37.3 %
Operating Income	3.31	3.31	(0.1 %)
Net Income	2.81	2.37	(15.6 %)
Average Shares	3.66	3.66	-
EPS (Riyals)	0.77	0.65	(15.6 %)

Item	H2 2021	H1 2022	Change‬
Revenues	64.75	38.26	(40.9 %)
Gross Income	26.38	12.43	(52.9 %)
Operating Income	14.48	3.31	(77.2 %)
Net Income	13.70	2.37	(82.7 %)
Average Shares	3.66	3.66	-
EPS (Riyals)	3.74	0.65	(82.7 %)

Total shareholders’ equity, no minority interest, rose to SAR 46.25 million by the end of the six-month period from SAR 31.29 million a year earlier.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	41.37	-	23.29	-	9.15	-
H1 2021	25.10	-	9.05	-	3.31	-
H2 2021	64.75	-	26.38	-	14.48	-
2021	89.85	117.2 %	35.44	52.2 %	17.79	94.5 %
H1 2022	38.26	52.4 %	12.43	37.3 %	3.31	(0.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	41.37	-	23.29	-	9.15	-
2021	89.85	117.2 %	35.44	52.2 %	17.79	94.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	9.44	-	2.58	-	9.44	2.58
H1 2021	2.81	-	0.77	-	2.81	0.77
H2 2021	13.70	-	3.74	-	13.70	3.74
2021	16.52	75.0 %	4.51	-	16.52	4.51
H1 2022	2.37	(15.6 %)	0.65	-	2.37	0.65

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	9.44	-	2.58	-	9.44	2.58
2021	16.52	75.0 %	4.51	-	16.52	4.51

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	56.29 %	26.93 %	22.82 %
H1 2021	-	-	-
H2 2021	39.44 %	22.11 %	18.38 %
2021	39.44 %	22.11 %	18.38 %
H1 2022	37.68 %	19.51 %	15.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	56.29 %	26.93 %	22.82 %
2021	39.44 %	22.11 %	18.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	36.07 %	17.33 %	11.20 %
H2 2021	40.75 %	23.97 %	21.17 %
H1 2022	32.49 %	11.96 %	6.20 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	-	-	-	-
H2 2019	-	-	-	-
H1 2020	-	-	-	-
H2 2020	-	-	-	-
H1 2021	3.66	-	-	8.55
H2 2021	3.66	4.51	4.51	12.25
H1 2022	3.66	4.39	4.39	12.64

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	3.66	2.58	2.58	8.10
2021	3.66	4.51	4.51	12.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-

Business Segments (Million)

Compared With The

Period	Advisory and project management services	Technical solutions
Q2 2021	19.60	5.50
Q4 2021	52.39	12.35
Q2 2022	33.05	5.21

Period	Advisory and project management services	Technical solutions
2020	27.43	13.93
2021	71.99	17.86

Financial Ratios

	Current
Market Cap (M Riyal)	717.16
Enterprise Value (EV) (M)	664.80
Shares Outstanding ((M))	3.66
Book Value (BV) ( Riyal)	29.99
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	17.66
Price/book	6.53

Tam Development Co. (TAM DEVELOPMENT)

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TAM Development’s profit falls 16% to SAR 2.4 mln in H1 2022

View other reports

Financials (M)

Current Half Annual Comparison (M)

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)

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Tam Development Co. (TAM DEVELOPMENT)

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TAM Development’s profit falls 16% to SAR 2.4 mln in H1 2022

View other reports

Financials (M)

Current Half Annual Comparison (M)

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)

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Tam Development Co. (TAM DEVELOPMENT)

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Business Segments (Million)