Financial Results : Edarat’s H1 2022 profit rises to SAR 6.3 mln; Q2 at SAR 3.2 mln

Edarat’s H1 2022 profit rises to SAR 6.3 mln; Q2 at SAR 3.2 mln

04/12/2022 Argaam Exclusive

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Edarat Communications and Information Technology Co. (Edarat), which is set to be listed on Nomu-Parallel Market, reported a net profit of SAR 6.3 million for H1 2022, compared to SAR 832,000 in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 10.83 28.54 163.5 %
Gross Income 3.84 13.65 255.4 %
Operating Income 0.97 7.21 643.1 %
Net Income 0.83 6.27 653.5 %
Average Shares 2.52 2.52 -
EPS (Riyals) 0.33 2.49 653.5 %

This profit surge was attributed to a more than two-fold increase year-on-year (YoY) in revenue, while gross profit margins grew to 48% compared to 35% in the year-earlier period. Operating margins jumped to 25%, from 9% in H1 2021.

 

This profit increase was offset by higher Zakat provisions.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 10.83 28.54 163.5 %
Gross Income 3.84 13.65 255.4 %
Operating Income 0.97 7.21 643.1 %
Net Income 0.83 6.27 653.5 %
Average Shares 2.52 2.52 -
EPS (Riyals) 0.33 2.49 653.5 %

Q2 2022 net earnings stood at SAR 3.2 million, compared to SAR 1.20 million in the prior-year period, on higher revenue, and increased profit margins, despite higher Zakat provisions.

 

On a sequential basis, net profit was slightly up from SAR 3.03 million in Q1 2022.

Total shareholders’ equity, excluding minority interest, stood at SAR 15.718 million by the end of H1 2022, compared to SAR 7.359 million in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 10.83 - 3.84 - 0.97 -
H2 2021 26.50 - 8.95 - 6.50 -
H1 2022 28.54 163.5 % 13.65 255.4 % 7.21 643.1 %


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 - - - - - -
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 0.83 - 0.33 - 0.83 0.33
H2 2021 5.65 - 2.24 - 5.65 2.24
H1 2022 6.27 653.5 % 2.49 - 6.27 2.49

Profitability

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 - - -
H2 2021 34.26 % 22.27 % 17.36 %
H1 2022 41.06 % 26.68 % 21.65 %


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 2.52 - - 2.92
H2 2021 2.52 2.57 2.57 5.12
H1 2022 2.52 4.73 4.73 6.24

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 - - -

Business Segments (Million)

Compared With The
Period Engineering Services for Data Centres Cloud computing services Branches revenue
Q2 2022 20.66 5.78 2.10


Financial Ratios
Current
Market Cap (M Riyal) 1,408.18
Enterprise Value (EV) (M) 1,400.02
Shares Outstanding ((M)) 2.52
Book Value (BV) ( Riyal) 15.49
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 36.08
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Share Price

Edarat Communication and Information Technology Co.
558.80
45.00 8.76 %

Edarat Communication and Information Technology Co. (EDARAT)

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