Sure profit up 33% to SAR 24.1 mln in 2022
26/03/2023
Argaam Exclusive
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Sure Global Tech Co. posted a net profit of SAR 24.1 million in 2022, a 33% increase from SAR 18.1 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 185.43 | 207.67 | 12.0 % |
| Gross Income | 41.16 | 51.41 | 24.9 % |
| Operating Income | 21.86 | 26.80 | 22.6 % |
| Net Income | 18.13 | 24.08 | 32.8 % |
| Average Shares | 7.69 | 7.69 | - |
| EPS (Riyals) | 2.36 | 3.13 | 32.8 % |
The positive performance was driven by a 12% increase in revenues driven by the product segment, where the customer base expanded leading to a larger market share. In addition, revenues grew in the infrastructure segment and professional and digital services segment.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 133.06 | 95.22 | (28.4 %) |
| Gross Income | 22.86 | 27.02 | 18.2 % |
| Operating Income | 11.97 | 12.25 | 2.3 % |
| Net Income | 9.44 | 10.89 | 15.4 % |
| Average Shares | 7.69 | 7.69 | - |
| EPS (Riyals) | 1.23 | 1.42 | 15.4 % |
Shareholders’ equity, no minority interest, stood at SAR 96.06 million as of Dec. 31, 2022, compared to SAR 81.67 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 112.45 | 114.7 % | 24.40 | 33.3 % | 14.55 | 47.1 % |
| H2 2022 | 95.22 | (28.4 %) | 27.02 | 18.2 % | 12.25 | 2.3 % |
| 2022 | 207.67 | 12.0 % | 51.41 | 24.9 % | 26.80 | 22.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 13.18 | 51.8 % | 1.71 | - | 13.18 | 1.71 |
| H2 2022 | 10.89 | 15.4 % | 1.42 | - | 10.89 | 1.42 |
| 2022 | 24.08 | 32.8 % | 3.13 | - | 24.08 | 3.13 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 19.25 % | 11.63 % | 9.22 % |
| H2 2022 | 24.76 % | 14.03 % | 11.59 % |
| 2022 | 24.76 % | 14.03 % | 11.59 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 7.69 | 2.94 | 2.94 | 10.99 |
| H2 2022 | 7.69 | 3.13 | 3.13 | 12.48 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | 8.73 | 8.73 | 2.19 |
Business Segments (Million)
Q4 2022
| Period | Infrastructure | Managed Sevices | Digital Services | Products |
|---|---|---|---|---|
| Q2 2022 | 54.16 | 34.50 | 20.38 | 3.42 |
| Q4 2022 | 24.10 | 41.97 | 27.51 | 1.65 |
| Current | |
| Market Cap (M Riyal) | 692.10 |
| Enterprise Value (EV) (M) | 626.47 |
| Shares Outstanding ((M)) | 7.69 |
| Book Value (BV) ( Riyal) | 14.88 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 24.14 |
| Price/book | 6.05 |
Share Price
Sure Global Tech Co. (SURE)
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