Financial Results : Digital Research H1 2024 earnings fall 7% to SAR 3.2M

Digital Research H1 2024 earnings fall 7% to SAR 3.2M

04/11/2024 Argaam Exclusive

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Digital Research Co., which is set to list its shares on the Nomu-Parallel Market, posted net earnings of SAR 3.2 million for H1 2024, down 7% from SAR 3.4 million a year before.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 22.61 27.73 22.6 %
Gross Income 8.37 10.54 25.9 %
Operating Income 3.65 4.01 9.9 %
Net Income 3.41 3.19 (6.5 %)
Average Shares 1.50 1.50 -
EPS (Riyals) 2.28 2.13 (6.5 %)

Operating profit margin declined to 14% in the six-month period from 16% a year before, due to higher administrative and marketing expenses.

 

In addition, net profit margin dropped to 12% from 15% in H1 2023.

 

The company also cited a rise in financing costs and Zakat provision.

 

However, revenues leapt 23% year-on-year (YoY), supported by a 16% increase in revenues from research and advisory services and a 54% surge in financial analysis revenues.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 22.61 27.73 22.6 %
Gross Income 8.37 10.54 25.9 %
Operating Income 3.65 4.01 9.9 %
Net Income 3.41 3.19 (6.5 %)
Average Shares 1.50 1.50 -
EPS (Riyals) 2.28 2.13 (6.5 %)

Total shareholders' equity, no minority interest, reached SAR 20.51 million by the end of H1 2024, compared with SAR 14.06 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 22.61 - 8.37 - 3.65 -
H2 2023 31.68 - 13.21 - 8.20 -
H1 2024 27.73 22.6 % 10.54 25.9 % 4.01 9.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 3.41 - 2.28 - 3.41 2.28
H2 2023 7.12 - 4.75 - 7.12 4.75
H1 2024 3.19 (6.5 %) 2.13 - 3.19 2.13

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
H2 2023 39.75 % 25.68 % 19.40 %
H1 2024 39.98 % 25.10 % 17.35 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 1.50 - - 9.38
H2 2023 1.50 7.02 7.02 14.22
H1 2024 1.50 6.87 6.87 13.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2023 - - -
H1 2024 - - -

Business Segments (Million)

Compared With The
Period Market Research and Consulting Services Data Analysis Services
Q2 2023 18.81 3.80
Q2 2024 21.86 5.87


Financial Ratios
Current
Market Cap (M Riyal) 135.63
Enterprise Value (EV) (M) 131.33
Shares Outstanding ((M)) 1.69
Book Value (BV) ( Riyal) 14.22
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.88
Price/book 6.36
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Share Price

Digital Research Co.
80.40
(0.30) (0.37 %)

Digital Research Co. (DRC)

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