2P profit surges 63% to SAR 131.5 mln in 2022; Q4 hits SAR 46.4 mln
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Perfect Presentation for Commercial Services Co. (2P) posted a net profit of SAR 131.5 million in 2022, a 63% increase from SAR 80.6 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 655.48 | 927.17 | 41.4 % |
| Gross Income | 116.01 | 199.38 | 71.9 % |
| Operating Income | 86.24 | 159.23 | 84.6 % |
| Net Income | 80.62 | 131.46 | 63.1 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.27 | 0.44 | 63.1 % |
The positive performance was driven by a 41.5% year-on-year (YoY) increase in revenue to SAR 927.2 million, as the growth momentum continued across the company’s business lines: customer experience, operation & maintenance and software development.
Projects under implementation reached a record high at SAR 1.73 billion in 2022, increasing 55% YoY.
Gross profit increased by 55.5% in 2022 to reach SAR 180.4 million, supported mainly by enhanced revenue performance. This translated into a higher gross profit margin of 19.5% last year, compared to 17.7% in 2021.
Moreover, operating profit grew 60.1% YoY to SAR 138.1 million in 2022, largely outweighing the 34% increase in selling, general and administrative expenses.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 228.06 | 288.06 | 26.3 % |
| Gross Income | 45.18 | 71.22 | 57.6 % |
| Operating Income | 43.47 | 55.82 | 28.4 % |
| Net Income | 41.65 | 46.40 | 11.4 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.14 | 0.15 | 11.4 % |
The fourth-quarter 2022 net profit rose 11% to SAR 46.4 million from SAR 41.6 million a year earlier.
Sequentially, net profit rose 43.9% from SAR 32.2 million in Q3 2022.
Total shareholders’ equity, no minority interest, stood at SAR 253.60 million as of Dec. 31, 2022, compared to SAR 159.72 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 193.49 | 55.6 % | 35.11 | 57.4 % | 27.39 | 79.0 % |
| Q2 2022 | 238.25 | 67.5 % | 43.51 | 165.5 % | 36.46 | 316.1 % |
| Q3 2022 | 207.37 | 28.9 % | 49.55 | 54.2 % | 39.56 | 111.4 % |
| Q4 2022 | 288.06 | 26.3 % | 71.22 | 57.6 % | 55.82 | 28.4 % |
| 2022 | 927.17 | 41.4 % | 199.38 | 71.9 % | 159.23 | 84.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 22.08 | 52.3 % | 0.07 | - | 22.08 | 0.07 |
| Q2 2022 | 30.72 | 346.0 % | 0.10 | - | 30.72 | 0.10 |
| Q3 2022 | 32.26 | 83.5 % | 0.11 | - | 32.26 | 0.11 |
| Q4 2022 | 46.40 | 11.4 % | 0.15 | - | 46.40 | 0.15 |
| 2022 | 131.46 | 63.1 % | 0.44 | - | 131.46 | 0.44 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 17.78 % | 14.02 % | 12.17 % |
| Q2 2022 | 19.00 % | 15.78 % | 13.65 % |
| Q3 2022 | 19.99 % | 17.39 % | 14.61 % |
| Q4 2022 | 21.50 % | 17.64 % | 14.18 % |
| 2022 | 21.50 % | 17.64 % | 14.18 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 300.00 | 0.29 | 0.29 | 0.61 |
| Q2 2022 | 300.00 | 0.37 | 0.37 | 0.65 |
| Q3 2022 | 300.00 | 0.42 | 0.42 | 0.73 |
| Q4 2022 | 300.00 | 0.44 | 0.44 | 0.85 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | 19.99 | 19.99 | 10.36 |
Business Segments (Million)
Q4 2022
| Period | Call Center services | Operation and maintenance services | Software licenses and development services (SWD) |
|---|---|---|---|
| Q1 2022 | 85.92 | 66.78 | 40.79 |
| Q2 2022 | 98.60 | 70.34 | 69.32 |
| Q3 2022 | 86.61 | 76.19 | 44.57 |
| Q4 2022 | 72.90 | 140.60 | 74.56 |
Analysts Estimates (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| Average | 37.20 | 46.40 | 24.74 % |
Estimates vs Actual (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 37.20 | 46.40 | 24.7 % |
| Current | |
| Market Cap (M Riyal) | 4,146.00 |
| Enterprise Value (EV) (M) | 4,507.76 |
| Shares Outstanding ((M)) | 300.00 |
| EPS ( Riyal) (TTM) | 0.56 |
| Book Value (BV) ( Riyal) | 1.68 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 29.54 |
| P/E (TTM) | 24.88 |
| Price/book | 8.21 |
| Return on Average Assets (%) (TTM) | 14.6 |
| Return on Average Equity (%) (TTM) | 39.2 |
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