Rasan profit rises to SAR 18.3M in H1 2024; Q2 at SAR 8.8M

07/08/2024 Argaam Exclusive

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Rasan Information Technology Co.’s net profit jumped to SAR 18.3 million in the first half of 2024, from SAR 7.6 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	108.13	130.46	20.7 %
Gross Income	62.45	77.48	24.1 %
Operating Income	9.47	21.70	129.2 %
Net Income	7.60	18.29	140.7 %
Average Shares	70.50	75.80	7.5 %
EPS (Riyals)	0.11	0.24	123.9 %

The company cited the profit growth to increased revenues on rising number of insurance policies sold by 51% year-on-year (YoY).

It reported an increase in the policy renewal rate (customer retention) to 55% compared to 35% for the same period last year, in addition to launching new products during the first and second quarters.

Meanwhile, Rasan witnessed a 129% YoY leap in operating profits.

Gross profit grew 24.1% YoY, with a profit margin of 59.4% compared to 57.8% during the same period of the previous year, as a result of increasing the efficiency of operations and reducing some sales costs.

Rasan posted an 84.9% increase in EBITDA, achieving a record margin of 22.2% compared to 14.5% during the first half of 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	52.26	63.53	21.6 %
Gross Income	29.96	37.43	24.9 %
Operating Income	6.47	11.76	81.9 %
Net Income	5.44	7.80	43.4 %
Average Shares	70.50	75.80	7.5 %
EPS (Riyals)	0.08	0.10	33.4 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	66.93	63.53	(5.1 %)
Gross Income	40.04	37.43	(6.5 %)
Operating Income	9.94	11.76	18.3 %
Net Income	10.49	7.80	(25.7 %)
Average Shares	70.50	75.80	7.5 %
EPS (Riyals)	0.15	0.10	(30.9 %)

Rasan registered SAR 8.8 million profit in Q2 2024, compared to SAR 5.4 million in the year earlier period.

Quarter-on-quarter, Q2 net profit fell 6.9% from SAR 9.4 million.

At the end of the period, shareholders' equity, no minority interests, stood at SAR 334 million, up from SAR 82.57 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	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	43.37	-	22.27	-	0.57	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	86.90	100.4 %	60.85	173.3 %	33.04	5728.9 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	41.81	-	28.56	-	16.74	-
Q4 2022	56.18	-	30.43	-	2.91	-
2022	162.49	87.0 %	101.90	67.5 %	41.77	26.4 %
Q1 2023	55.87	-	32.48	-	3.00	-
Q2 2023	52.26	-	29.96	-	6.47	-
Q3 2023	78.27	87.2 %	46.91	64.2 %	29.18	74.3 %
Q4 2023	69.85	24.3 %	39.04	28.3 %	20.35	598.6 %
2023	256.23	57.7 %	148.40	45.6 %	58.99	41.2 %
Q1 2024	66.93	19.8 %	40.04	23.3 %	9.94	231.2 %
Q2 2024	63.53	21.6 %	37.43	24.9 %	11.76	81.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	43.37	-	22.27	-	0.57	-
2021	86.90	100.4 %	60.85	173.3 %	33.04	5728.9 %
2022	162.49	87.0 %	101.90	67.5 %	41.77	26.4 %
2023	256.23	57.7 %	148.40	45.6 %	58.99	41.2 %

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	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	0.57	-	0.07	-	0.57	0.07
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	35.28	6068.9 %	0.50	4.43	30.86	0.44
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	15.50	-	0.22	-	15.50	0.22
Q4 2022	(0.78)	-	(0.01)	(2.53)	1.75	0.02
2022	34.41	(2.5 %)	0.49	(2.53)	36.94	0.52
Q1 2023	2.16	-	0.03	-	2.16	0.03
Q2 2023	5.44	-	0.08	-	5.44	0.08
Q3 2023	28.40	83.2 %	0.40	-	28.40	0.40
Q4 2023	9.95	1373.2 %	0.14	(8.46)	18.41	0.26
2023	45.95	33.5 %	0.65	(8.46)	54.41	0.77
Q1 2024	10.49	385.6 %	0.15	-	10.49	0.15
Q2 2024	7.80	43.4 %	0.10	-	7.80	0.10

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	0.57	-	0.07	-	0.57	0.07
2021	35.28	6068.9 %	0.50	4.43	30.86	0.44
2022	34.41	(2.5 %)	0.49	(2.53)	36.94	0.52
2023	45.95	33.5 %	0.65	(8.46)	54.41	0.77

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	51.34 %	11.97 %	1.32 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	70.02 %	45.00 %	35.51 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	62.71 %	31.50 %	22.73 %
Q1 2023	-	-	-
Q2 2023	58.92 %	19.40 %	12.06 %
Q3 2023	57.63 %	23.02 %	15.56 %
Q4 2023	57.91 %	28.23 %	21.24 %
2023	57.91 %	28.23 %	21.24 %
Q1 2024	58.34 %	29.84 %	23.47 %
Q2 2024	58.67 %	30.74 %	23.37 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	51.34 %	11.97 %	1.32 %
2021	70.02 %	45.00 %	35.51 %
2022	62.71 %	31.50 %	22.73 %
2023	57.91 %	28.23 %	21.24 %

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	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	68.32 %	-	37.08 %
Q4 2022	54.17 %	13.47 %	3.12 %
Q1 2023	58.14 %	7.28 %	3.87 %
Q2 2023	57.34 %	22.22 %	10.41 %
Q3 2023	59.94 %	41.63 %	36.29 %
Q4 2023	55.90 %	34.46 %	26.36 %
Q1 2024	59.82 %	17.19 %	15.68 %
Q2 2024	58.93 %	27.52 %	12.28 %

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	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	70.50	-	-	1.07
Q4 2022	70.50	-	-	1.06
Q1 2023	70.50	-	-	1.08
Q2 2023	70.50	0.32	0.35	1.17
Q3 2023	70.50	0.50	0.54	1.57
Q4 2023	70.50	0.65	0.77	1.72
Q1 2024	70.50	0.77	0.89	1.92
Q2 2024	75.80	0.75	0.86	4.41

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	8.29	0.07	0.07	(2.11)
2021	70.50	0.50	0.44	0.57
2022	70.50	0.49	0.52	1.06
2023	70.50	0.65	0.77	1.72

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	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	90.99	79.17	15.43

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-

Business Segments (Million)

Compared With The

Period	Tameeni - Vehicles	Insurance - Health	Leased	Other segments
Q4 2022	33.06	11.33	10.61	1.18
Q1 2023	30.95	11.54	12.23	1.14
Q2 2023	27.74	10.26	13.32	0.93
Q3 2023	54.86	8.95	13.40	1.06
Q4 2023	47.06	7.48	14.28	1.03
Q1 2024	39.38	8.32	18.12	1.12
Q2 2024	34.39	10.79	17.43	0.92

Period	Tameeni - Vehicles	Insurance - Health	Leased	Other segments
2020	40.37	1.35	0.32	1.33
2021	63.31	5.49	16.96	1.14
2022	99.69	27.96	32.79	2.06
2023	160.61	38.22	53.24	4.16

Financial Ratios

	Current
Market Cap (M Riyal)	5,859.34
Enterprise Value (EV) (M)	5,474.73
Shares Outstanding ((M))	75.80
EPS ( Riyal) (TTM)	0.86
Book Value (BV) ( Riyal)	4.90
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	15.79
Return on Average Assets (%) (TTM)	14.0
Return on Average Equity (%) (TTM)	26.9

Rasan Information Technology Co. (RASAN)

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Rasan profit rises to SAR 18.3M in H1 2024; Q2 at SAR 8.8M

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Financials (M)

Current Quarter 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)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Rasan Information Technology Co. (RASAN)

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Rasan profit rises to SAR 18.3M in H1 2024; Q2 at SAR 8.8M

View other reports

Financials (M)

Current Quarter 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)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Rasan Information Technology Co. (RASAN)

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Business Segments (Million)