Sure net profit up 19% to SAR 28.7M in 2023
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Sure Global Tech Co. reported a net profit of SAR 28.7 million for 2023, an increase of 19% compared to SAR 24.1 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 207.67 | 194.29 | (6.4 %) |
| Gross Income | 51.41 | 56.46 | 9.8 % |
| Operating Income | 26.80 | 30.08 | 12.2 % |
| Net Income | 24.08 | 28.67 | 19.1 % |
| Average Shares | 7.69 | 7.69 | - |
| EPS (Riyals) | 3.13 | 3.73 | 19.1 % |
This was propelled by an increase in revenues of managed services, digital services, and products segments. They represent profit margins higher than infrastructure segment, whose revenues slipped 6% year-on-year (YoY).
Operating profit rose 17% YoY, along with lower cost of revenue and higher other revenue
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 95.22 | 111.62 | 17.2 % |
| Gross Income | 27.02 | 27.58 | 2.1 % |
| Operating Income | 12.25 | 13.09 | 6.9 % |
| Net Income | 10.89 | 12.76 | 17.1 % |
| Average Shares | 7.69 | 7.69 | - |
| EPS (Riyals) | 1.42 | 1.66 | 17.1 % |
Total shareholders’ equity, no minority interest, stood at SAR 114.46 million by Dec. 31, 2023, compared to SAR 96.06 million a year earlier.
|
Quarterly Results |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR/Share) |
|
H1 2020 |
55.95 |
5.18 |
0.70 |
|
H2 2020 |
78.85 |
10.23 |
1.36 |
|
H1 2021 |
52.38 |
8.69 |
1.13 |
|
H2 2021 |
133.05 |
9.44 |
1.22 |
|
H1 2022 |
112.45 |
13.18 |
1.71 |
|
H2 2022 |
95.22 |
10.9 |
1.42 |
|
H1 2023 |
82.67 |
15.92 |
2.07 |
|
H2 2023 |
111.62 |
12.75 |
1.66 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 82.67 | (26.5 %) | 28.88 | 18.4 % | 16.98 | 16.7 % |
| H2 2023 | 111.62 | 17.2 % | 27.58 | 2.1 % | 13.09 | 6.9 % |
| 2023 | 194.29 | (6.4 %) | 56.46 | 9.8 % | 30.08 | 12.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 15.92 | 20.7 % | 2.07 | - | 15.92 | 2.07 |
| H2 2023 | 12.76 | 17.1 % | 1.66 | - | 12.76 | 1.66 |
| 2023 | 28.67 | 19.1 % | 3.73 | - | 28.67 | 3.73 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 31.42 % | 17.68 % | 15.07 % |
| H2 2023 | 29.06 % | 16.52 % | 14.76 % |
| 2023 | 29.06 % | 16.52 % | 14.76 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 7.69 | 3.48 | 3.48 | 13.22 |
| H2 2023 | 7.69 | 3.73 | 3.73 | 14.88 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 15.86 | 15.86 | 4.18 |
| H2 2023 | 10.57 | 10.57 | 2.65 |
Business Segments (Million)
Q4 2023
| Period | Infrastructure | Managed Sevices | Digital Services | Products |
|---|---|---|---|---|
| Q2 2023 | 12.92 | 38.81 | 27.74 | 3.21 |
| Q4 2023 | 20.97 | 44.28 | 39.20 | 7.17 |
| Current | |
| Market Cap (M Riyal) | 638.27 |
| Enterprise Value (EV) (M) | 572.64 |
| Shares Outstanding ((M)) | 7.69 |
| Book Value (BV) ( Riyal) | 14.88 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 22.26 |
| Price/book | 5.58 |
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