Government sector accounts for 80% of 2P revenues: CEO

About 80% of the company's total revenue comes from the government sector, while 20% to 25% comes from the private and non-government sectors, Doughman told Al Arabia TV.

Doughman emphasized the company's commitment to distributing revenue evenly across its business lines, aiming for minimal disparities between its various units.

In the first quarter, revenue distribution among business lines was as follows: 31% from operations and maintenance, 34% from customer experience, 27% from software development, and 6% from managed services—a newly established business unit in the second quarter of 2023.

The cybersecurity unit, established in the last quarter of 2023, began showing results in Q1 2024, contributing approximately 2% to the company's total revenue, added Doughman.

Explaining the capital increase, the CEO highlighted that its primary purpose is to support expansion operations conducted by the company in the second and third quarters of 2023 by converting retained earnings into capital.

According to data available on Argaam, the Capital Market Authority (CMA) recently approved 2P’s request to increase its capital from SAR 150 million to SAR 300 million, granting one bonus share for each existing share held by shareholders.

2P profits saw a 4% rise in Q1 2024 compared to the same period in 2023, reaching SAR 29.7 million, with revenues reaching approximately SAR 219.5 million.