Saudi Azm sees 21% profit hike to SAR 28M in FY 2023/24
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Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 28 million for the fiscal year (FY) ended June 30, 2024, a 21% rise from SAR 23.1 million in the year-earlier period.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 170.83 | 217.64 | 27.4 % |
| Gross Income | 38.47 | 57.82 | 50.3 % |
| Operating Income | 17.33 | 27.68 | 59.7 % |
| Net Income | 23.08 | 27.95 | 21.1 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Halala) | 38.47 | 46.58 | 21.1 % |
Current Half Annual Comparison (M)
| Item | H2 2023 | H2 2024 | Change |
|---|---|---|---|
| Revenues | 67.91 | 110.22 | 62.3 % |
| Gross Income | 15.91 | 32.06 | 101.5 % |
| Operating Income | 5.77 | 13.44 | 133.2 % |
| Net Income | 12.10 | 14.53 | 20.1 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Halala) | 20.17 | 24.22 | 20.1 % |
The annual profit hike was spurred by the SAR 19.35 million year-on-year (YoY) increase in gross profit. This came amid higher revenues due to winning new projects, coupled with the elevated investment in an associate of SAR 240,000.
However, for the same period, operating expenses and financing costs climbed YoY by SAR 9 million and SAR 370,000, respectively. Further, other revenues plunged by SAR 2.6 million YoY amid the leap in Zakat and income tax expenses by SAR 1.42 million.
Shareholders’ equity, after minority interest, amounted to SAR 88.44 million by the end of the 12-month period, compared to SAR 68.42 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2020/2021 |
69.44 |
9.40 |
15.67 |
|
H2 2020/2021 |
65.70 |
6.14 |
10.22 |
|
H1 2021/2022 |
73.25 |
8.00 |
13.33 |
|
H2 2021/2022 |
79.31 |
11.11 |
18.51 |
|
H1 2022/2023 |
102.92 |
10.98 |
18.30 |
|
H2 2022/2023 |
87.45 |
12.10 |
20.17 |
|
H1 2023/2024 |
107.42 |
13.41 |
22.36 |
|
H2 2023/2024 |
217.64 |
28.2 |
47.00 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2024 | 107.42 | 4.4 % | 25.76 | 14.2 % | 14.23 | 23.1 % |
| H2 2024 | 110.22 | 62.3 % | 32.06 | 101.5 % | 13.44 | 133.2 % |
| 2024 | 217.64 | 27.4 % | 57.82 | 50.3 % | 27.68 | 59.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2024 | 13.41 | 22.2 % | 22.36 | - | 13.41 | 0.22 |
| H2 2024 | 14.53 | 20.1 % | 24.22 | 2.11 | 12.42 | 0.21 |
| 2024 | 27.95 | 21.1 % | 46.58 | 2.11 | 25.83 | 0.43 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2024 | 23.77 % | 12.70 % | 10.95 % |
| H2 2024 | 26.57 % | 13.90 % | 11.87 % |
| 2024 | 26.57 % | 13.90 % | 11.87 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| H1 2024 | 60.00 | 42.53 | 32.00 | 1.38 |
| H2 2024 | 60.00 | 46.58 | 43.06 | 1.47 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2024 | 43.26 | 57.49 | 13.36 |
| H2 2024 | 64.94 | 70.26 | 20.52 |
Business Segments (Million)
Q4 2024
| Period | Corporate services | Third-party platforms | Advisory | Proprietary Technologies |
|---|---|---|---|---|
| Q2 2024 | 44.24 | 18.87 | 10.23 | 34.07 |
| Q4 2024 | 71.88 | (0.91) | 14.37 | 24.87 |
| 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 |
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