Saudi Azm net profit leaps 24.1% to SAR 14M in H1 2023/24

Saudi Azm net profit leaps 24.1% to SAR 14M in H1 2023/24

27/02/2024 Argaam Exclusive

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Saudi Azm for Communication and Information Technology Co. reported a net profit of SAR 14 million for the first half ended Dec. 31, 2023, leaping 24.1% from SAR 11.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 102.92 107.42 4.4 %
Gross Income 22.56 25.76 14.2 %
Operating Income 11.56 14.23 23.1 %
Net Income 10.98 13.41 22.2 %
Average Shares 60.00 60.00 -
EPS (Halala) 18.30 22.36 22.2 %

The profit growth was driven by a SAR 3.2 million increase in gross profit on higher revenues. The company also cited higher other income by SAR 1.36 million.

 

However, operating expenses increased by SAR 0.53 million, while investment in an associate fell by SAR 0.54 million. Financing costs went up SAR 0.47 million. Zakat and tax expenses also increased by SAR 0.29 million.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 102.92 107.42 4.4 %
Gross Income 22.56 25.76 14.2 %
Operating Income 11.56 14.23 23.1 %
Net Income 10.98 13.41 22.2 %
Average Shares 60.00 60.00 -
EPS (Halala) 18.30 22.36 22.2 %

Total shareholders’ equity, excluding minority interest, amounted to SAR 82.6 million at the end of the current period, compared to SAR 57.7 million a year earlier.

                                                               Azm Interim Financials

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020/21

69.44

9.40

15.67

H2 2020/21

65.70

6.14

10.22

H1 2021/22

73.25

8.00

13.33

H2 2021/22

79.31

11.11

18.51

H1 2022/23

102.92

10.98

18.30

H2 2022/23

87.45

12.10

20.17

H1 2023/24

107.42

13.80

23.00

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
H2 2023 67.91 (14.4 %) 15.91 5.2 % 5.77 0.0 %
H1 2024 107.42 4.4 % 25.76 14.2 % 14.23 23.1 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H2 2023 12.10 9.0 % 20.17 6.32 5.79 0.10
H1 2024 13.41 22.2 % 22.36 - 13.41 0.22

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H2 2023 22.52 % 11.44 % 9.81 %
H1 2024 23.77 % 12.70 % 10.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
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
H1 2024 60.00 42.53 32.00 1.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2024 43.26 57.49 13.36

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
Q2 2024 44.24 18.87 10.23 34.07


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
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Share Price

Saudi Azm for Communication and Information Technology Co.
31.80
1.60 5.30 %

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

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