TAM Development’s profit falls 16% to SAR 2.4 mln in H1 2022

13/04/2023 Argaam Exclusive

TAM Development Co. reported a 16% fall in net profit to SAR 2.4 million in H1 2022, compared to SAR 2.8 million in H1 2021. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 25.10 38.26 52.4 %
Gross Income 9.05 12.43 37.3 %
Operating Income 3.31 3.31 (0.1 %)
Net Income 2.81 2.37 (15.6 %)
Average Shares 3.66 3.66 -
EPS (Riyals) 0.77 0.65 (15.6 %)

TAM’s performance was impacted by a drop in gross profit margin to 32% on higher cost of revenues. The operating profit margin also slowed to 9% in H1 2022 from 13% in the year before as general and administrative expenses climbed to SAR 9 million from SAR 6.1 million in H1 2021.

 

The company reported an increase in financing costs and Zakat provision.

 

It also realized other revenues of SAR 38,000 in H1 2022, compared to none for the current period a year ago.

 

It recorded a provision for impairment of receivables of SAR 85,000 for the current period, compared to provision reversal of SAR 352,000 for the similar period a year earlier.

 

Revenues jumped 52% year-on-year (YoY) as a result of a SAR 13 million rise in the revenues of the consulting services and project management segment.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 25.10 38.26 52.4 %
Gross Income 9.05 12.43 37.3 %
Operating Income 3.31 3.31 (0.1 %)
Net Income 2.81 2.37 (15.6 %)
Average Shares 3.66 3.66 -
EPS (Riyals) 0.77 0.65 (15.6 %)

Total shareholders’ equity, no minority interest, rose to SAR 46.25 million by the end of the six-month period from SAR 31.29 million a year earlier.

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Share Price

Tam Development Co.
187.80
5.80 3.19 %

Tam Development Co. (TAM DEVELOPMENT)

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Financial Ratios
Current
Market Cap (M Riyal) 687.16
Enterprise Value (EV) (M) 634.79
Shares Outstanding ((M)) 3.66
Book Value (BV) ( Riyal) 29.99
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.92
Price/book 6.26
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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 25.10 - 9.05 - 3.31 -
H2 2021 64.75 - 26.38 - 14.48 -
H1 2022 38.26 52.4 % 12.43 37.3 % 3.31 (0.1 %)


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 2.81 - 0.77 - 2.81 0.77
H2 2021 13.70 - 3.74 - 13.70 3.74
H1 2022 2.37 (15.6 %) 0.65 - 2.37 0.65

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 39.44 % 22.11 % 18.38 %
H1 2022 37.68 % 19.51 % 15.61 %


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 3.66 - - 8.55
H2 2021 3.66 4.51 4.51 12.25
H1 2022 3.66 4.39 4.39 12.64

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 Advisory and project management services Technical solutions
Q2 2021 19.60 5.50
Q4 2021 52.39 12.35
Q2 2022 33.05 5.21

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