Saudi Networkers profit rises 19% to SAR 19.7M in H1 2024

Saudi Networkers profit rises 19% to SAR 19.7M in H1 2024

27/08/2024 Argaam Exclusive

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Saudi Networkers Services Co. (SNS) reported an increase of 19% in H1 2024 net profit to SAR 19.7 million from SAR 16.5 million in the year-ago period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 276.46 282.21 2.1 %
Gross Income 32.23 37.70 17.0 %
Operating Income 18.74 22.82 21.8 %
Net Income 16.55 19.74 19.3 %
Average Shares 6.00 6.00 -
EPS (Riyals) 2.76 3.29 19.3 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 276.46 282.21 2.1 %
Gross Income 32.23 37.70 17.0 %
Operating Income 18.74 22.82 21.8 %
Net Income 16.55 19.74 19.3 %
Average Shares 6.00 6.00 -
EPS (Riyals) 2.76 3.29 19.3 %

The profit increase is driven by higher revenues, which rose to SAR 282.21 million compared to SAR 276.46 million in H1 2023— an increase of SAR 5.75 million or 2.08%.

 

The surge in revenue is due to improved commercial activities with the existing customers and the addition of new customers.

 

Gross profit increased by 16.97% (or SAR 5.47 million) to SAR 37.70 million, compared to SAR 32.23 million in H1 2023.

 

The operational profit stood at SAR 22.82 million, from SAR 18.74 million a year earlier.

 

Total shareholders’ equity, no minority interest, reached SAR 105.8 million as of June 30, 2024, compared to SAR 90.1 million a year earlier.

 

Historical Data

Period

Revenue

Net Profit

EPS

H1 2021

235.31

17.98

3.00

H2 2021

227.48

10.36

1.72

H1 2022

229.57

20.58

3.43

H2 2022

249.06

9.51

1.58

H1 2023

276.46

16.55

2.76

H2 2023

278.19

20.01

3.33

H1 2024

282.21

19.73

3.29

 

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 235.31 - 32.56 - 20.18 -
H2 2021 227.49 - 21.71 - 10.04 -
H1 2022 229.57 (2.4 %) 32.75 0.6 % 21.21 5.1 %
H2 2022 249.06 9.5 % 30.64 41.1 % 14.57 45.1 %
H1 2023 276.46 20.4 % 32.23 (1.6 %) 18.74 (11.7 %)
H2 2023 278.20 11.7 % 41.51 35.5 % 45.32 211.0 %
H1 2024 282.21 2.1 % 37.70 17.0 % 22.82 21.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) 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 17.98 - 3.00 - 17.98 3.00
H2 2021 10.36 - 1.73 - 10.36 1.73
H1 2022 20.58 14.5 % 3.43 - 20.58 3.43
H2 2022 9.52 (8.1 %) 1.59 - 9.52 1.59
H1 2023 16.55 (19.6 %) 2.76 - 16.55 2.76
H2 2023 40.89 329.4 % 6.81 - 40.89 6.81
H1 2024 19.74 19.3 % 3.29 - 19.74 3.29

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 11.73 % 6.72 % 6.12 %
H1 2022 11.92 % 7.03 % 6.77 %
H2 2022 13.24 % 7.63 % 6.29 %
H1 2023 11.96 % 6.50 % 4.96 %
H2 2023 13.29 % 11.76 % 10.35 %
H1 2024 14.13 % 12.38 % 10.82 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) 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 6.00 - - -
H2 2021 6.00 4.72 4.72 9.55
H1 2022 6.00 5.16 5.16 11.13
H2 2022 6.00 5.02 5.02 14.59
H1 2023 6.00 4.34 4.34 15.02
H2 2023 6.00 9.57 9.57 16.70
H1 2024 6.00 10.10 10.10 17.64

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 - - -
H2 2022 9.97 9.97 3.43
H1 2023 14.32 14.32 4.14
H2 2023 6.15 6.15 3.53
H1 2024 7.36 7.36 4.22


Financial Ratios
Current
Market Cap (M Riyal) 487.80
Enterprise Value (EV) (M) 477.62
Shares Outstanding ((M)) 6.00
Book Value (BV) ( Riyal) 16.70
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.34
Price/book 4.87
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Share Price

Saudi Networkers Services Co.
81.30
3.80 4.90 %

Saudi Networkers Services Co. (NETWORKERS)

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