Saudi Azm net profit up 38% to SAR 11.1 mln in H1 2022/23

Saudi Azm net profit up 38% to SAR 11.1 mln in H1 2022/23

12/02/2023 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit after Zakat and tax of SAR 11.1 million for the first half ended Dec. 31, 2022, a 38% increase from SAR 8 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 73.25 102.92 40.5 %
Gross Income 15.69 22.56 43.8 %
Operating Income 8.75 11.56 32.1 %
Net Income 8.00 10.98 37.3 %
Average Shares 60.00 60.00 -
EPS (Halala) 13.33 18.30 37.3 %

The profit rise came on the back of an overall increase in revenue by 40.50% year-on-year (YoY) where all other costs were consistent with higher revenue.

 

Increase in revenue from new customers was 27% of the total revenue growth.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 73.25 102.92 40.5 %
Gross Income 15.69 22.56 43.8 %
Operating Income 8.75 11.56 32.1 %
Net Income 8.00 10.98 37.3 %
Average Shares 60.00 60.00 -
EPS (Halala) 13.33 18.30 37.3 %

Total shareholders’ equity, excluding minority interest, stood at SAR 57.73 million as of Dec. 31, 2022, compared to SAR 41.44 million in the year-ago period.

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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 - - - - - -
H2 2020 - - - - - -
H1 2021 69.44 - 14.21 - 10.03 -
H2 2021 65.70 - 15.02 - 6.42 -
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 %)
H1 2023 102.92 40.5 % 22.56 43.8 % 11.56 32.1 %


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 - - - - - -
H2 2020 - - - - - -
H1 2021 9.40 - 15.67 - 9.40 0.16
H2 2021 6.13 - 10.22 - 6.13 0.10
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
H1 2023 10.98 37.3 % 18.30 - 10.98 0.18

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 - - -
H1 2021 - - -
H2 2021 21.63 % 13.24 % 11.50 %
H1 2022 22.10 % 11.96 % 10.17 %
H2 2022 20.20 % 10.23 % 8.78 %
H1 2023 20.68 % 10.64 % 8.98 %


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

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

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


Financial Ratios
Current
Market Cap (M Riyal) 1,866.00
Enterprise Value (EV) (M) 1,822.49
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 27.27
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Share Price

Saudi Azm for Communication and Information Technology Co.
31.10
(0.70) (2.20 %)

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

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