AICTEC profit drops 17% to SAR 4.5 mln in H1 2023

AICTEC profit drops 17% to SAR 4.5 mln in H1 2023

08/08/2023 Argaam Exclusive

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Advance International Company for Communication and Information Technology (AICTEC) reported a 17% drop in H1 2023 net profit to SAR 4.5 million, compared to SAR 5.5 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 21.05 23.23 10.4 %
Gross Income 10.81 10.64 (1.5 %)
Operating Income 4.69 4.34 (7.5 %)
Net Income 5.45 4.50 (17.3 %)
Average Shares 64.00 64.00 -
EPS (Halala) 8.51 7.03 (17.3 %)

AICTEC reported higher operating expenses (OpEx), as well as general and administrative expenses, despite better operating revenue. The cost of sales also increased on higher shipping and transportation costs.

 

The company said the operating revenue rose due to growth in the revenue from wholesale products related to control and access systems, security gates, metal detectors, baggage scanners, and surveillance cameras.

 

Shareholders’ equity, no minority interest, increased to SAR 38.75 million as of June 30, 2023, from SAR 32.15 million a year earlier.

 

Historical Data

Period

Revenue

Net Profit

EPS

H1 2020

11.05

1.55

0.48

H2 2020

21.78

7.43

2.33

H1 2021

12.77

4.27

1.33

H2 2021

17.34

0.98

0.31

H1 2022

21.92

5.45

1.70

H2 2022

20.71

2.21

0.69

H1 2023

23.23

4.5

1.41


Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 21.05 23.23 10.4 %
Gross Income 10.81 10.64 (1.5 %)
Operating Income 4.69 4.34 (7.5 %)
Net Income 5.45 4.50 (17.3 %)
Average Shares 64.00 64.00 -
EPS (Halala) 8.51 7.03 (17.3 %)

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 11.05 - 6.24 - 2.25 -
H2 2020 21.78 - 12.14 - 7.47 -
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 %)
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 %
H1 2023 23.23 10.4 % 10.64 (1.5 %) 4.34 (7.5 %)


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 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 1.55 - 2.42 - 1.55 0.02
H2 2020 7.43 - 11.61 - 7.43 0.12
H1 2021 4.27 175.9 % 6.67 - 4.27 0.07
H2 2021 0.98 (86.8 %) 1.53 - 0.98 0.02
H1 2022 5.45 27.6 % 8.51 - 5.45 0.09
H2 2022 2.21 126.0 % 3.46 - 2.21 0.03
H1 2023 4.50 (17.3 %) 7.03 - 4.50 0.07

Profitability

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 - - -
H2 2020 55.98 % 33.03 % 27.34 %
H1 2021 65.09 % 38.23 % 33.85 %
H2 2021 62.76 % 25.30 % 17.43 %
H1 2022 50.41 % 20.08 % 16.74 %
H2 2022 43.86 % 20.95 % 18.34 %
H1 2023 41.31 % 20.12 % 15.28 %


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

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

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 - -


Financial Ratios
Current
Market Cap (M Riyal) 251.52
Enterprise Value (EV) (M) 248.09
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 6.74
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Share Price

Advance International Company for Communication and Information Technology
3.93
0.03 0.77 %

Advance International Company for Communication and Information Technology (AICTEC)

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