Rasan profit jumps 53% to SAR 54.9M in 9M 2024; Q3 at SAR 36.7M

Rasan Information Technology Co.’s net profit jumped to SAR 54.9 million in the first nine months of 2024, from SAR 36 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	186.39	240.46	29.0 %
Gross Income	109.36	144.85	32.5 %
Operating Income	38.64	56.99	47.5 %
Net Income	36.00	54.94	52.6 %
Average Shares	70.50	75.80	7.5 %
EPS (Riyals)	0.51	0.72	41.9 %

Revenues increased by 29% year-on-year (YoY) as number of insurance policies sold grew by 30% YoY. Policy renewal rate (customer retention) also edged up, in addition to the launch of new products in Q3 2024.

Meanwhile, Rasan witnessed a 47.5% YoY rise in operating profits.

Gross profit grew 32.5% YoY, with a profit margin of 60.2% compared to 58.7% during the same period of the previous year, as a result of increasing the efficiency of operations and reducing some sales costs.

Rasan posted a 40.6% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), achieving a record margin of 28.2% compared to 25.9% during the first nine months of 2023.

In contrast, the average prices of insurance policies by insurance companies decreased by about 28%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	78.27	110.00	40.5 %
Gross Income	46.91	67.37	43.6 %
Operating Income	29.18	35.30	21.0 %
Net Income	28.40	36.65	29.0 %
Average Shares	70.50	75.80	7.5 %
EPS (Riyals)	0.40	0.48	20.0 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	63.53	110.00	73.2 %
Gross Income	37.43	67.37	80.0 %
Operating Income	11.76	35.30	200.2 %
Net Income	7.80	36.65	369.9 %
Average Shares	75.80	75.80	-
EPS (Riyals)	0.10	0.48	369.9 %

Rasan registered SAR 36.65 million profit in Q3 2024, compared to SAR 28.40 million in the year earlier period.

Quarter-on-quarter, Q3 net profit leapt 315.5% from SAR 8.82 million.

At the end of the period, shareholders' equity, no minority interests, stood at SAR 371.09 million, up from SAR 110.98 million a year earlier.

Attached Documents

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Share Price

Rasan Information Technology Co. (RASAN)

	Current
Market Cap (M Riyal)	5,654.68
Enterprise Value (EV) (M)	5,270.07
Shares Outstanding ((M))	75.80
EPS ( Riyal) (TTM)	0.86
Book Value (BV) ( Riyal)	4.90
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	15.24
Return on Average Assets (%) (TTM)	14.0
Return on Average Equity (%) (TTM)	26.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	43.37	-	22.27	-	0.57	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	86.90	100.4 %	60.85	173.3 %	33.04	5728.9 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	41.81	-	28.56	-	16.74	-
Q4 2022	56.18	-	30.43	-	2.91	-
2022	162.49	87.0 %	101.90	67.5 %	41.77	26.4 %
Q1 2023	55.87	-	32.48	-	3.00	-
Q2 2023	52.26	-	29.96	-	6.47	-
Q3 2023	78.27	87.2 %	46.91	64.2 %	29.18	74.3 %
Q4 2023	69.85	24.3 %	39.04	28.3 %	20.35	598.6 %
2023	256.23	57.7 %	148.40	45.6 %	58.99	41.2 %
Q1 2024	66.93	19.8 %	40.04	23.3 %	9.94	231.2 %
Q2 2024	63.53	21.6 %	37.43	24.9 %	11.76	81.9 %
Q3 2024	110.00	40.5 %	67.37	43.6 %	35.30	21.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	43.37	-	22.27	-	0.57	-
2021	86.90	100.4 %	60.85	173.3 %	33.04	5728.9 %
2022	162.49	87.0 %	101.90	67.5 %	41.77	26.4 %
2023	256.23	57.7 %	148.40	45.6 %	58.99	41.2 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	0.57	-	0.07	-	0.57	0.07
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	35.28	6068.9 %	0.50	4.43	30.86	0.44
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	15.50	-	0.22	-	15.50	0.22
Q4 2022	(0.78)	-	(0.01)	(2.53)	1.75	0.02
2022	34.41	(2.5 %)	0.49	(2.53)	36.94	0.52
Q1 2023	2.16	-	0.03	-	2.16	0.03
Q2 2023	5.44	-	0.08	-	5.44	0.08
Q3 2023	28.40	83.2 %	0.40	-	28.40	0.40
Q4 2023	9.95	1373.2 %	0.14	(8.46)	18.41	0.26
2023	45.95	33.5 %	0.65	(8.46)	54.41	0.77
Q1 2024	10.49	385.6 %	0.15	-	10.49	0.15
Q2 2024	7.80	43.4 %	0.10	-	7.80	0.10
Q3 2024	36.65	29.0 %	0.48	-	36.65	0.48

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	0.57	-	0.07	-	0.57	0.07
2021	35.28	6068.9 %	0.50	4.43	30.86	0.44
2022	34.41	(2.5 %)	0.49	(2.53)	36.94	0.52
2023	45.95	33.5 %	0.65	(8.46)	54.41	0.77

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	51.34 %	11.97 %	1.32 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	70.02 %	45.00 %	35.51 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	62.71 %	31.50 %	22.73 %
Q1 2023	-	-	-
Q2 2023	58.92 %	19.40 %	12.06 %
Q3 2023	57.63 %	23.02 %	15.56 %
Q4 2023	57.91 %	28.23 %	21.24 %
2023	57.91 %	28.23 %	21.24 %
Q1 2024	58.34 %	29.84 %	23.47 %
Q2 2024	58.67 %	30.74 %	23.37 %
Q3 2024	59.26 %	29.62 %	23.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	51.34 %	11.97 %	1.32 %
2021	70.02 %	45.00 %	35.51 %
2022	62.71 %	31.50 %	22.73 %
2023	57.91 %	28.23 %	21.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	68.32 %	-	37.08 %
Q4 2022	54.17 %	13.47 %	3.12 %
Q1 2023	58.14 %	7.28 %	3.87 %
Q2 2023	57.34 %	22.22 %	10.41 %
Q3 2023	59.94 %	41.63 %	36.29 %
Q4 2023	55.90 %	34.46 %	26.36 %
Q1 2024	59.82 %	17.19 %	15.68 %
Q2 2024	58.93 %	27.52 %	12.28 %
Q3 2024	61.25 %	35.33 %	33.32 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	70.50	-	-	1.07
Q4 2022	70.50	-	-	1.06
Q1 2023	70.50	-	-	1.08
Q2 2023	70.50	0.32	0.35	1.17
Q3 2023	70.50	0.50	0.54	1.57
Q4 2023	70.50	0.65	0.77	1.72
Q1 2024	70.50	0.77	0.89	1.92
Q2 2024	75.80	0.75	0.86	4.41
Q3 2024	75.80	0.86	0.97	4.90

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	8.29	0.07	0.07	(2.11)
2021	70.50	0.50	0.44	0.57
2022	70.50	0.49	0.52	1.06
2023	70.50	0.65	0.77	1.72

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	90.99	79.17	15.43
Q3 2024	73.48	65.00	12.85

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-

Business Segments (Million)

Compared With The

Period	Tameeni - Vehicles	Insurance - Health	Leased	Other segments
Q4 2022	33.06	11.33	10.61	1.18
Q1 2023	30.95	11.54	12.23	1.14
Q2 2023	27.74	10.26	13.32	0.93
Q3 2023	54.86	8.95	13.40	1.06
Q4 2023	47.06	7.48	14.28	1.03
Q1 2024	39.38	8.32	18.12	1.12
Q2 2024	34.39	10.79	17.43	0.92
Q3 2024	67.11	13.81	28.09	0.99

Period	Tameeni - Vehicles	Insurance - Health	Leased	Other segments
2020	40.37	1.35	0.32	1.33
2021	63.31	5.49	16.96	1.14
2022	99.69	27.96	32.79	2.06
2023	160.61	38.22	53.24	4.16

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	30.00	36.65	22.16 %

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
Al Rajhi Capital	30.00	36.65	22.2 %

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Rasan profit jumps 53% to SAR 54.9M in 9M 2024; Q3 at SAR 36.7M

Financials (M)

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Rasan Information Technology Co. (RASAN)

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Rasan profit jumps 53% to SAR 54.9M in 9M 2024; Q3 at SAR 36.7M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Rasan Information Technology Co. (RASAN)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

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