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solutions net profit jumps 27% to SAR 1.05 bln in 2022; Q4 at SAR 198.1 mln
Arabian Internet and Communications Services Co. (solutions) reported a 27% rise in net profit after Zakat and tax to SAR 1.05 billion in 2022, compared to SAR 833 million a year earlier.
Financials (Million Riyal)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 7,208.34 | 8,805.09 | 22.2 % |
| Gross Income | 1,707.97 | 2,011.25 | 17.8 % |
| Operating Income | 899.10 | 1,160.23 | 29.0 % |
| Net Income | 832.92 | 1,052.87 | 26.4 % |
| Average Shares | 240.00 | 240.00 | - |
| Earnings Per Share before unusual items (Riyals) | 3.47 | 4.50 | 29.7 % |
| EPS (Riyal) | 3.47 | 4.39 | 26.4 % |
The company cited an increase in gross profit by SAR 303 million as revenue grew by SAR 1.59 billion year-on-year (YoY). This was offset by an increase of SAR 1.29 billion in the cost of revenues.
Revenue mainly improved due to a 30% YoY increase in core ICT services. Revenue from IT managed and operational services and digital services rose 19.4% and 7.4% YoY, respectively.
On the other hand, operating expenses rose by SAR 42 million YoY as general and administrative expenses increased by SAR 143 million. Zakat and tax expenses saw an increase of SAR 47 million.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 1,452.88 | 2,437.88 | 67.8 % |
| Gross Income | 423.73 | 513.71 | 21.2 % |
| Operating Income | 127.78 | 240.38 | 88.1 % |
| Net Income | 114.43 | 196.98 | 72.1 % |
| Average Shares | 240.00 | 240.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.48 | 0.93 | 95.9 % |
| EPS (Riyal) | 0.48 | 0.82 | 72.1 % |
In Q4 2022, net profit after Zakat and tax leapt by 73% to SAR 198.1 million, from SAR 114.43 million in Q4 2021.
solutions’ net profit dropped 33.9% from SAR 299.89 million in Q3 2022.
Shareholders’ equity, after minority interest, grew to SAR 2.79 billion as of Dec. 31, 2022, from SAR 2.27 billion in 2021.
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Share Price
| Current | |
| Market Cap (M Riyal) | 22,152.00 |
| Enterprise Value (EV) (M Riyal) | 21,727.69 |
| Shares Outstanding ((M)) | 240.00 |
| Recurring EPS ( Riyal) (TTM) | 6.13 |
| Book Value (BV) ( Riyal) | 18.71 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 15.07 |
| P/E (TTM) | 14.58 |
| Price/book | 4.93 |
| Dividend Yield (%) (Last Year) | 4.34 |
| Return on Average Assets (%) (TTM) | 12.3 |
| Return on Average Equity (%) (TTM) | 35.8 |
| EV/adj EBITDA | 10.42 |
| EV/Revenues | 1.60 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 2,242.90 | 20.1 % | 493.53 | 26.7 % | 312.94 | 39.5 % |
| Q2 2022 | 2,085.15 | 7.6 % | 505.04 | 16.9 % | 293.52 | 8.5 % |
| Q3 2022 | 2,039.15 | 4.5 % | 498.97 | 7.8 % | 313.38 | 13.4 % |
| Q4 2022 | 2,437.88 | 67.8 % | 513.71 | 21.2 % | 240.38 | 88.1 % |
| 2022 | 8,805.09 | 22.2 % | 2,011.25 | 17.8 % | 1,160.23 | 29.0 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2022 | 282.91 | 37.9 % | 1.18 | - | 282.91 | 1.18 |
| Q2 2022 | 273.09 | 6.6 % | 1.14 | - | 273.09 | 1.14 |
| Q3 2022 | 299.89 | 16.6 % | 1.25 | - | 299.89 | 1.25 |
| Q4 2022 | 196.98 | 72.1 % | 0.82 | (27.14) | 224.11 | 0.93 |
| 2022 | 1,052.87 | 26.4 % | 4.39 | (27.14) | 1,080.00 | 4.50 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 21.15 % | - | 10.68 % |
| Q2 2021 | 20.91 % | 12.90 % | 10.34 % |
| Q3 2021 | 21.26 % | 13.82 % | 10.55 % |
| Q4 2021 | 23.69 % | 15.37 % | 11.55 % |
| 2021 | 23.69 % | 15.37 % | 11.55 % |
| Q1 2022 | 23.89 % | 16.08 % | 12.01 % |
| Q2 2022 | 24.38 % | 16.23 % | 12.00 % |
| Q3 2022 | 24.57 % | 16.24 % | 12.41 % |
| Q4 2022 | 22.84 % | 15.96 % | 12.27 % |
| 2022 | 22.84 % | 15.81 % | 12.27 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 240.00 | 3.79 | 3.79 | 10.56 |
| Q2 2022 | 240.00 | 3.87 | 3.87 | 9.86 |
| Q3 2022 | 240.00 | 4.04 | 4.04 | 11.16 |
| Q4 2022 | 240.00 | 4.39 | 4.50 | 11.71 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 27.82 | 27.82 | 9.99 |
| Q2 2022 | 25.60 | 25.60 | 10.03 |
| Q3 2022 | 29.45 | 29.45 | 10.67 |
| Q4 2022 | 27.45 | 26.76 | 10.37 |
Business Segments (Million Riyal)
Q4 2022
| Period | Core ICT Services | IT Managed and Operational Services | Digital Services |
|---|---|---|---|
| Q1 2022 | 1,324.08 | 529.20 | 389.63 |
| Q2 2022 | 1,068.27 | 586.29 | 430.59 |
| Q3 2022 | 1,013.88 | 585.84 | 439.44 |
| Q4 2022 | 1,365.34 | 628.35 | 444.19 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 240.20 | 196.98 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Al Rajhi Capital | 174.00 | 196.98 | 224.11 | ||
| Goldman Sachs | 153.60 | 196.98 | 224.11 | ||
| SNB Capital | 253.00 | 196.98 | 224.11 | ||
| Bank of America | 274.71 | 196.98 | 224.11 | ||
| U-Capital | 279.90 | 196.98 | 224.11 | ||
| Riyad Capital | 306.00 | 196.98 | 224.11 |
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