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Sure posts 18% increase in profit to SAR 18.1 mln in 2021
26/09/2022
Argaam Exclusive
Sure Global Technology Co. reported a net profit of SAR 18.1 million for 2021, an increase of 18% from SAR 15.4 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 134.80 | 185.43 | 37.6 % |
| Gross Income | 37.84 | 41.16 | 8.8 % |
| Operating Income | 19.12 | 21.86 | 14.4 % |
| Net Income | 15.41 | 18.13 | 17.6 % |
| Average Shares | 7.50 | 7.69 | 2.6 % |
| EPS (Riyals) | 2.05 | 2.36 | 14.7 % |
The increase was driven by a 38% year-on-year (YoY) rise in revenue and an 11% YoY decline in Zakat provision.
This came despite a 49% YoY increase in the cost of revenue, coupled with higher financing cost that reached SAR 562,000 in 2021 from 300,000 in the year before.
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Revenues | 78.85 | 133.06 | 68.8 % |
| Gross Income | 24.16 | 22.86 | (5.4 %) |
| Operating Income | 13.15 | 11.97 | (9.0 %) |
| Net Income | 10.23 | 9.44 | (7.8 %) |
| Average Shares | 7.50 | 7.69 | 2.6 % |
| EPS (Riyals) | 1.36 | 1.23 | (10.1 %) |
Shareholders’ equity (no minority interest) stood at SAR 81.67 million as of Dec. 31, 2021, from SAR 68.47 million a year earlier.
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Share Price
Sure Global Tech Co. (SURE)
| Current | |
| Market Cap (M Riyal) | 638.27 |
| Enterprise Value (EV) (M) | 572.64 |
| Shares Outstanding ((M)) | 7.69 |
| Book Value (BV) ( Riyal) | 14.88 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 22.26 |
| Price/book | 5.58 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 52.38 | (6.4 %) | 18.30 | 33.7 % | 9.89 | 65.7 % |
| H2 2021 | 133.06 | 68.8 % | 22.86 | (5.4 %) | 11.97 | (9.0 %) |
| 2021 | 185.43 | 37.6 % | 41.16 | 8.8 % | 21.86 | 14.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 8.69 | 67.8 % | 1.13 | - | 8.69 | 1.13 |
| H2 2021 | 9.44 | (7.8 %) | 1.23 | - | 9.44 | 1.23 |
| 2021 | 18.13 | 17.6 % | 2.36 | - | 18.13 | 2.36 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | 32.35 % | 19.46 % | 14.42 % |
| H2 2021 | 22.20 % | 12.88 % | 9.78 % |
| 2021 | 22.20 % | 12.88 % | 9.78 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 7.69 | 2.46 | 2.46 | 9.38 |
| H2 2021 | 7.69 | 2.36 | 2.36 | 10.61 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
Business Segments (Million)
2021
| Period | Infrastructure | Managed Sevices | Digital Services | Products |
|---|
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