Saudi Azm net profit up 23% to SAR 23.4 mln in H2 2022/23

28/09/2023 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 23.4 million for the second half ended June 30, 2023, a 23% increase from SAR 19.1 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	152.56	170.83	12.0 %
Gross Income	30.81	38.47	24.9 %
Operating Income	14.52	17.33	19.3 %
Net Income	19.10	23.08	20.8 %
Average Shares	60.00	60.00	-
EPS (Halala)	31.84	38.47	20.8 %

The profit rise was spurred by a 24.78% increase YoY in revenues to SAR 190.36 million, which led to a 24.87% growth in gross profit to SAR 38.47 million. Other income also increased to SAR 7.66 million YoY.

Total shareholders’ equity, no minority interest, stood at SAR 68.42 million as of June 30, 2023, compared to SAR 51.83 million in the year-ago period.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	79.31	67.91	(14.4 %)
Gross Income	15.12	15.91	5.2 %
Operating Income	5.76	5.77	0.0 %
Net Income	11.11	12.10	9.0 %
Average Shares	60.00	60.00	-
EPS (Halala)	18.51	20.17	9.0 %

Item	H1 2023	H2 2023	Change‬
Revenues	102.92	67.91	(34.0 %)
Gross Income	22.56	15.91	(29.5 %)
Operating Income	11.56	5.77	(50.1 %)
Net Income	10.98	12.10	10.2 %
Average Shares	60.00	60.00	-
EPS (Halala)	18.30	20.17	10.2 %

Historical Financial Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020/2021	69.44	9.40	0.16
H2 2020/2021	65.70	6.14	0.10
H1 2021/2022	73.25	8.00	0.13
H2 2021/2022	79.31	11.11	0.19
H1 2022/2023	102.92	10.98	0.18
H2 2022/2023	87.45	12.42	0.21

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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	15.26	-	4.20	-	3.27	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	67.45	342.1 %	18.55	341.8 %	9.68	196.1 %
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	102.98	52.7 %	20.72	11.7 %	13.05	34.7 %
H1 2021	69.44	-	14.21	-	10.03	-
H2 2021	65.70	-	15.02	-	6.42	-
2021	135.14	31.2 %	29.23	41.1 %	16.46	26.2 %
H1 2022	73.25	5.5 %	15.69	10.4 %	8.75	(12.8 %)
H2 2022	79.31	20.7 %	15.12	0.7 %	5.76	(10.3 %)
2022	152.56	12.9 %	30.81	5.4 %	14.52	(11.8 %)
H1 2023	102.92	40.5 %	22.56	43.8 %	11.56	32.1 %
H2 2023	67.91	(14.4 %)	15.91	5.2 %	5.77	0.0 %
2023	170.83	12.0 %	38.47	24.9 %	17.33	19.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	15.26	-	4.20	-	3.27	-
2019	67.45	342.1 %	18.55	341.8 %	9.68	196.1 %
2020	102.98	52.7 %	20.72	11.7 %	13.05	34.7 %
2021	135.14	31.2 %	29.23	41.1 %	16.46	26.2 %
2022	152.56	12.9 %	30.81	5.4 %	14.52	(11.8 %)
2023	170.83	12.0 %	38.47	24.9 %	17.33	19.3 %

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	2.98	-	4.97	-	2.98	0.05
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	7.76	160.0 %	12.93	-	7.76	0.13
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	11.87	53.1 %	19.79	-	11.87	0.20
H1 2021	9.40	-	15.67	-	9.40	0.16
H2 2021	6.13	-	10.22	-	6.13	0.10
2021	15.54	30.8 %	25.89	-	15.54	0.26
H1 2022	8.00	(15.0 %)	13.33	-	8.00	0.13
H2 2022	11.11	81.2 %	18.51	5.71	5.39	0.09
2022	19.10	23.0 %	31.84	5.71	13.39	0.22
H1 2023	10.98	37.3 %	18.30	-	10.98	0.18
H2 2023	12.10	9.0 %	20.17	6.32	5.79	0.10
2023	23.08	20.8 %	38.47	6.32	16.77	0.28

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	2.98	-	4.97	-	2.98	0.05
2019	7.76	160.0 %	12.93	-	7.76	0.13
2020	11.87	53.1 %	19.79	-	11.87	0.20
2021	15.54	30.8 %	25.89	-	15.54	0.26
2022	19.10	23.0 %	31.84	5.71	13.39	0.22
2023	23.08	20.8 %	38.47	6.32	16.77	0.28

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	27.51 %	21.44 %	19.55 %
H1 2019	-	-	-
H2 2019	-	-	-
2019	27.49 %	14.41 %	11.50 %
H1 2020	-	-	-
H2 2020	-	-	-
2020	20.12 %	13.56 %	11.53 %
H1 2021	-	-	-
H2 2021	21.63 %	13.24 %	11.50 %
2021	21.63 %	13.24 %	11.50 %
H1 2022	22.10 %	11.96 %	10.17 %
H2 2022	20.20 %	10.23 %	8.78 %
2022	20.20 %	10.23 %	8.78 %
H1 2023	20.68 %	10.64 %	8.98 %
H2 2023	22.52 %	11.44 %	9.81 %
2023	22.52 %	11.44 %	9.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	27.51 %	21.44 %	19.55 %
2019	27.49 %	14.41 %	11.50 %
2020	20.12 %	13.56 %	11.53 %
2021	21.63 %	13.24 %	11.50 %
2022	20.20 %	10.23 %	8.78 %
2023	22.52 %	11.44 %	9.81 %

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	-	-	-
H1 2021	20.46 %	14.62 %	13.54 %
H2 2021	22.86 %	11.78 %	9.33 %
H1 2022	21.42 %	12.13 %	10.92 %
H2 2022	19.06 %	8.48 %	6.80 %
H1 2023	21.92 %	12.30 %	10.67 %
H2 2023	23.43 %	10.13 %	8.52 %

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	-	-	-	-
H2 2020	-	-	-	-
H1 2021	60.00	-	-	-
H2 2021	60.00	25.89	25.89	0.54
H1 2022	60.00	23.55	23.55	0.69
H2 2022	60.00	31.84	22.32	0.86
H1 2023	60.00	36.81	27.29	0.96
H2 2023	60.00	38.47	27.94	1.14

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	60.00	4.97	4.97	0.05
2019	60.00	12.93	12.93	0.16
2020	60.00	19.79	19.79	0.36
2021	60.00	25.89	25.89	0.54
2022	60.00	31.84	22.32	0.86
2023	60.00	38.47	27.94	1.14

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	33.97	33.97	11.58
H2 2022	27.01	38.53	9.95
H1 2023	31.24	42.14	11.95
H2 2023	28.33	39.01	9.56

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	27.01	38.53	9.95
2023	28.33	39.01	9.56

Business Segments (Million)

Compared With The

Period	Corporate services	Third-party platforms	Advisory	Proprietary Technologies
Q2 2020	47.02	5.89	12.15	4.37
Q2 2021	47.02	5.89	12.15	4.37
Q4 2021	50.18	9.55	4.26	1.72
Q2 2022	41.37	3.41	22.58	5.89
Q4 2022	48.08	11.17	16.62	3.45
Q2 2023	63.10	21.98	16.01	1.83
Q4 2023	27.06	(6.47)	8.50	38.81

Period	Corporate services	Third-party platforms	Advisory	Proprietary Technologies
2021	97.20	15.44	16.41	6.09
2022	89.45	14.58	39.20	9.33
2023	90.16	15.51	24.52	40.64

Financial Ratios

	Current
Market Cap (M Riyal)	1,908.00
Enterprise Value (EV) (M)	1,864.49
Shares Outstanding ((M))	60.00
Book Value (BV) ( Riyal)	1.14
Par Value ( Halala)	50.00
Adjusted P/E (Last12)	More than 100
Price/book	27.89

Saudi Azm for Communication and Information Technology Co. (AZM)

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Saudi Azm net profit up 23% to SAR 23.4 mln in H2 2022/23

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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

Saudi Azm for Communication and Information Technology Co. (AZM)

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Saudi Azm net profit up 23% to SAR 23.4 mln in H2 2022/23

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

Saudi Azm for Communication and Information Technology Co. (AZM)

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Business Segments (Million)