Sure profit grows 2% to SAR 16.2M in H1 2024

Sure profit grows 2% to SAR 16.2M in H1 2024

27/08/2024 Argaam Exclusive

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Sure Global Tech Co. reported a net profit rise of 2% to SAR 16.2 million for the first half of 2024, compared to SAR 15.9 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 82.67 102.42 23.9 %
Gross Income 28.88 32.07 11.0 %
Operating Income 16.98 18.79 10.7 %
Net Income 15.92 16.17 1.6 %
Average Shares 7.69 7.69 -
EPS (Riyals) 2.07 2.10 1.6 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 82.67 102.42 23.9 %
Gross Income 28.88 32.07 11.0 %
Operating Income 16.98 18.79 10.7 %
Net Income 15.92 16.17 1.6 %
Average Shares 7.69 7.69 -
EPS (Riyals) 2.07 2.10 1.6 %

The profit rise was spurred by better revenue, as the company won new contracts in the six-month period. Sure’s top line jumped 23.89% year-on-year (YoY) to SAR 102.42 million.

 

The operating profit ratio stood at 8.44% in the first half, due to the increased cost of goods sold, as well as declines in other income and return on investment in an associate, in which Sure incurred a loss of SAR 877,000.

 

Total shareholders’ equity, no minority interest, rose to SAR 109.11 million by June 30, 2024, compared to SAR 101.72 million a year ago.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020

55.95

5.18

0.69

H2 2020

78.85

10.23

1.36

H1 2021

52.38

8.69

1.13

H2 2021

133.05

9.44

1.23

H1 2022

112.45

13.18

1.71

H2 2022

95.22

10.90

1.42

H1 2023

82.67

15.92

2.07

H2 2023

111.62

12.75

1.66

H1 2024

102.42

16.17

2.10

 

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 55.95 - 13.68 - 5.97 -
H2 2020 78.85 - 24.16 - 13.15 -
H1 2021 52.38 (6.4 %) 18.30 33.7 % 9.89 65.7 %
H2 2021 133.06 68.8 % 22.86 (5.4 %) 11.97 (9.0 %)
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 %
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 %
H1 2024 102.42 23.9 % 32.07 11.0 % 18.79 10.7 %


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 5.18 - 0.69 - 5.18 0.69
H2 2020 10.23 - 1.36 - 10.23 1.36
H1 2021 8.69 67.8 % 1.13 - 8.69 1.13
H2 2021 9.44 (7.8 %) 1.23 - 9.44 1.23
H1 2022 13.18 51.8 % 1.71 - 13.18 1.71
H2 2022 10.89 15.4 % 1.42 - 10.89 1.42
H1 2023 15.92 20.7 % 2.07 - 15.92 2.07
H2 2023 12.76 17.1 % 1.66 - 12.76 1.66
H1 2024 16.17 1.6 % 2.10 - 16.17 2.10

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 28.07 % 15.71 % 11.43 %
H1 2021 32.35 % 19.46 % 14.42 %
H2 2021 22.20 % 12.88 % 9.78 %
H1 2022 19.25 % 11.63 % 9.22 %
H2 2022 24.76 % 14.03 % 11.59 %
H1 2023 31.42 % 17.68 % 15.07 %
H2 2023 29.06 % 16.52 % 14.76 %
H1 2024 27.87 % 16.02 % 13.51 %


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 7.50 - - 5.70
H2 2020 7.50 2.05 2.05 9.13
H1 2021 7.69 2.46 2.46 9.38
H2 2021 7.69 2.36 2.36 10.61
H1 2022 7.69 2.94 2.94 10.99
H2 2022 7.69 3.13 3.13 12.48
H1 2023 7.69 3.48 3.48 13.22
H2 2023 7.69 3.73 3.73 14.88
H1 2024 7.69 3.76 3.76 14.18

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 8.73 8.73 2.19
H1 2023 15.86 15.86 4.18
H2 2023 10.57 10.57 2.65
H1 2024 23.29 23.29 6.17

Business Segments (Million)

Compared With The
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
Q2 2023 12.92 38.81 27.74 3.21
Q4 2023 20.97 44.28 39.20 7.17
Q2 2024 10.58 53.79 33.88 4.17


Financial Ratios
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
more

Share Price

Sure Global Tech Co.
90.00
7.00 8.43 %

Sure Global Tech Co. (SURE)

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