Financial Results : TAM’s net profit rises 45% to SAR 40.6M in 2023

TAM’s net profit rises 45% to SAR 40.6M in 2023

27/03/2024 Argaam Exclusive

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TAM Development Co. reported a net profit of SAR 40.6 million for 2023, a 45% jump from SAR 27.9 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 147.07 188.40 28.1 %
Gross Income 54.82 89.76 63.7 %
Operating Income 30.05 43.30 44.1 %
Net Income 27.93 40.60 45.4 %
Average Shares 3.66 3.66 -
Earnings Per Share before unusual items (Riyals) 7.63 11.09 45.4 %
EPS (Riyals) 7.63 11.09 45.4 %

This was spurred by a 28.1% increase year-on-year (YoY) in revenue, 63.7% growth YoY in gross profit and a 46.9% rise in operating profit.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 108.82 125.59 15.4 %
Gross Income 42.40 65.33 54.1 %
Operating Income 26.75 36.62 36.9 %
Net Income 25.56 35.84 40.2 %
Average Shares 3.66 3.66 -
Earnings Per Share before unusual items (Riyals) 6.98 9.79 40.2 %
EPS (Riyals) 6.98 9.79 40.2 %

Total shareholders’ equity, no minority interest, stood at SAR 109.76 million by Dec. 31, 2023, compared to SAR 71.62 million a year ago.

 

Historical Data

Period

Revenue (SAR mln)

Net profit (SAR mln)

EPS (SAR /share)

H1 2021

25.10

2.81

0.77

H2 2021

64.75

13.71

3.75

H1 2022

38.26

2.37

0.65

H2 2022

108.81

25.56

6.98

H1 2023

62.811

4.76

1.30

H2 2023

125.59

35.84

9.79

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 25.10 - 9.05 - 3.31 -
H2 2021 64.75 - 26.38 - 14.48 -
H1 2022 38.26 52.4 % 12.43 37.3 % 3.31 (0.1 %)
H2 2022 108.82 68.1 % 42.40 60.7 % 26.75 84.7 %
H1 2023 62.81 64.2 % 24.43 96.6 % 6.69 102.3 %
H2 2023 125.59 15.4 % 65.33 54.1 % 36.62 36.9 %
2023 188.40 28.1 % 89.76 63.7 % 43.30 44.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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 2.81 - 0.77 - 2.81 0.77
H2 2021 13.70 - 3.74 - 13.70 3.74
H1 2022 2.37 (15.6 %) 0.65 - 2.37 0.65
H2 2022 25.56 86.5 % 6.98 - 25.56 6.98
H1 2023 4.76 100.8 % 1.30 - 4.76 1.30
H2 2023 35.84 40.2 % 9.79 - 35.84 9.79
2023 40.60 45.4 % 11.09 - 40.60 11.09

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 39.44 % 22.11 % 18.38 %
H1 2022 37.68 % 19.51 % 15.61 %
H2 2022 37.28 % 22.25 % 18.99 %
H1 2023 38.94 % 21.33 % 17.67 %
H2 2023 47.64 % 25.27 % 21.55 %
2023 47.64 % 25.27 % 21.55 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
H2 2022 3.66 7.63 7.63 19.57
H1 2023 3.66 8.28 8.28 21.01
H2 2023 3.66 11.09 11.09 29.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2022 - - -
H1 2023 15.66 15.66 6.18
H2 2023 10.63 10.63 4.37

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
Q4 2022 93.40 15.41
Q2 2023 55.92 6.89
Q4 2023 109.38 16.21


Share Price

Tam Development Co.
195.00
4.00 2.09 %

Tam Development Co. (TAM DEVELOPMENT)

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