AICTEC profit drops 59% to SAR 3.1 mln in 2023

10/03/2024 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 59% fall in 2023 net profit to SAR 3.1 million, compared to SAR 7.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	41.76	47.28	13.2 %
Gross Income	18.32	17.62	(3.8 %)
Operating Income	7.35	3.21	(56.3 %)
Net Income	7.66	3.11	(59.4 %)
Average Shares	64.00	64.00	-
EPS (Halala)	11.97	4.85	(59.4 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	20.72	24.05	16.1 %
Gross Income	7.51	6.97	(7.2 %)
Operating Income	2.65	(1.13)	(142.6 %)
Net Income	2.21	(1.40)	(163.1 %)
Average Shares	64.00	64.00	-
EPS (Halala)	3.46	(2.18)	(163.1 %)

Item	H1 2023	H2 2023	Change‬
Revenues	23.23	24.05	3.5 %
Gross Income	10.64	6.97	(34.5 %)
Operating Income	4.34	(1.13)	(126.0 %)
Net Income	4.50	(1.40)	(131.0 %)
Average Shares	64.00	64.00	-
EPS (Halala)	7.03	(2.18)	(131.0 %)

The annual bottom line was hurt by a 26.5% year-on-year (YoY) increase in the cost of goods sold on higher charges for shipping, clearance, and goods.

Shareholders’ equity, no minority interest, increased to SAR 37.30 million as of Dec. 31, 2023, from SAR 34.25 million a year earlier.

Historical Data
Period	Revenue	Net Profit	EPS
H1 2020	11.05	1.55	0.02
H2 2020	21.78	7.43	0.12
H1 2021	12.77	4.27	0.07
H2 2021	17.34	0.98	0.02
H1 2022	21.05	5.45	0.09
H2 2022	20.71	2.21	0.03
H1 2023	23.23	4.50	0.07
H2 2023	24.05	(1.39)	(0.02)

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	16.48	-	7.66	-	3.30	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	30.37	84.3 %	11.06	44.4 %	7.03	112.9 %
H1 2020	11.05	-	6.24	-	2.25	-
H2 2020	21.78	-	12.14	-	7.47	-
2020	32.83	8.1 %	18.38	66.1 %	9.73	38.4 %
H1 2021	12.77	15.6 %	10.35	65.9 %	4.59	103.6 %
H2 2021	17.34	(20.4 %)	8.54	(29.6 %)	1.86	(75.1 %)
2021	30.11	(8.3 %)	18.90	2.8 %	6.45	(33.7 %)
H1 2022	21.05	64.8 %	10.81	4.4 %	4.69	2.3 %
H2 2022	20.72	19.5 %	7.51	(12.0 %)	2.65	42.6 %
2022	41.76	38.7 %	18.32	(3.1 %)	7.35	13.9 %
H1 2023	23.23	10.4 %	10.64	(1.5 %)	4.34	(7.5 %)
H2 2023	24.05	16.1 %	6.97	(7.2 %)	(1.13)	(142.6 %)
2023	47.28	13.2 %	17.62	(3.8 %)	3.21	(56.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	16.48	-	7.66	-	3.30	-
2019	30.37	84.3 %	11.06	44.4 %	7.03	112.9 %
2020	32.83	8.1 %	18.38	66.1 %	9.73	38.4 %
2021	30.11	(8.3 %)	18.90	2.8 %	6.45	(33.7 %)
2022	41.76	38.7 %	18.32	(3.1 %)	7.35	13.9 %
2023	47.28	13.2 %	17.62	(3.8 %)	3.21	(56.3 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	3.41	-	5.33	-	3.41	0.05
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	5.89	72.5 %	9.20	-	5.89	0.09
H1 2020	1.55	-	2.42	-	1.55	0.02
H2 2020	7.43	-	11.61	-	7.43	0.12
2020	8.98	52.5 %	14.03	-	8.98	0.14
H1 2021	4.27	175.9 %	6.67	-	4.27	0.07
H2 2021	0.98	(86.8 %)	1.53	-	0.98	0.02
2021	5.25	(41.6 %)	8.20	-	5.25	0.08
H1 2022	5.45	27.6 %	8.51	-	5.45	0.09
H2 2022	2.21	126.0 %	3.46	-	2.21	0.03
2022	7.66	46.0 %	11.97	-	7.66	0.12
H1 2023	4.50	(17.3 %)	7.03	-	4.50	0.07
H2 2023	(1.40)	(163.1 %)	(2.18)	-	(1.40)	(0.02)
2023	3.11	(59.4 %)	4.85	-	3.11	0.05

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	3.41	-	5.33	-	3.41	0.05
2019	5.89	72.5 %	9.20	-	5.89	0.09
2020	8.98	52.5 %	14.03	-	8.98	0.14
2021	5.25	(41.6 %)	8.20	-	5.25	0.08
2022	7.66	46.0 %	11.97	-	7.66	0.12
2023	3.11	(59.4 %)	4.85	-	3.11	0.05

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	46.48 %	21.43 %	20.71 %
H1 2019	-	-	-
H2 2019	-	-	-
2019	36.43 %	26.98 %	19.39 %
H1 2020	-	-	-
H2 2020	55.98 %	33.03 %	27.34 %
2020	55.97 %	33.03 %	27.34 %
H1 2021	65.09 %	38.23 %	33.85 %
H2 2021	62.76 %	25.30 %	17.43 %
2021	62.76 %	25.30 %	17.43 %
H1 2022	50.41 %	20.08 %	16.74 %
H2 2022	43.86 %	20.95 %	18.34 %
2022	43.86 %	20.95 %	18.34 %
H1 2023	41.31 %	20.12 %	15.28 %
H2 2023	37.26 %	11.46 %	6.57 %
2023	37.26 %	11.46 %	6.57 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	46.48 %	21.43 %	20.71 %
2019	36.43 %	26.98 %	19.39 %
2020	55.97 %	33.03 %	27.34 %
2021	62.76 %	25.30 %	17.43 %
2022	43.86 %	20.95 %	18.34 %
2023	37.26 %	11.46 %	6.57 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	56.47 %	25.57 %	14.00 %
H2 2020	55.73 %	36.82 %	34.12 %
H1 2021	81.06 %	40.64 %	33.41 %
H2 2021	49.27 %	13.99 %	5.65 %
H1 2022	51.34 %	25.09 %	25.88 %
H2 2022	36.26 %	16.74 %	10.69 %
H1 2023	45.81 %	23.13 %	19.38 %
H2 2023	29.00 %	0.19 %	(5.81 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
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	64.00	-	-	0.22
H2 2020	64.00	14.03	14.03	0.33
H1 2021	64.00	18.28	18.28	0.40
H2 2021	64.00	8.20	8.20	0.42
H1 2022	64.00	10.04	10.04	0.50
H2 2022	64.00	11.97	11.97	0.54
H1 2023	64.00	10.49	10.49	0.61
H2 2023	64.00	4.85	4.85	0.58

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	64.00	5.33	5.33	0.10
2019	64.00	9.20	9.20	0.19
2020	64.00	14.03	14.03	0.33
2021	64.00	8.20	8.20	0.42
2022	64.00	11.97	11.97	0.54
2023	64.00	4.85	4.85	0.58

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	39.02	39.02	7.80
H2 2022	19.91	19.91	4.45
H1 2023	41.46	41.46	7.18
H2 2023	83.04	83.04	6.91

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	19.91	19.91	4.45
2023	83.03	83.03	6.91

Business Segments (Million)

Compared With The

Period	Projects	Wholesale	technical support	Other
Q2 2022	16.47	4.57	-	-
Q4 2022	17.17	3.55	-	-
Q2 2023	13.60	9.63	-	-
Q4 2023	19.02	5.02	-	-

Period	Projects	Wholesale	technical support	Other
2019	10.23	19.87	0.27	-
2020	20.88	9.35	0.63	1.98
2021	17.69	11.86	0.04	0.52
2022	33.64	8.12	-	-
2023	32.62	14.66	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	260.48
Enterprise Value (EV) (M)	257.05
Shares Outstanding ((M))	64.00
Book Value (BV) ( Riyal)	0.58
Par Value ( Halala)	50.00
Adjusted P/E (Last12)	More than 100
Price/book	6.98

Advance International Company for Communication and Information Technology (AICTEC)

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AICTEC profit drops 59% to SAR 3.1 mln in 2023

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Financials (M)

Current Half Annual Comparison (M)

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)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Advance International Company for Communication and Information Technology (AICTEC)

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AICTEC profit drops 59% to SAR 3.1 mln in 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Advance International Company for Communication and Information Technology (AICTEC)

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Business Segments (Million)