Perfect Presentation posts profit of SAR 85.1 mln in 9M 2022, Q3 at SAR 32.3 mln
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Perfect Presentation for Commercial Services Co. (2P), which will list shares soon on the Saudi Exchange (Tadawul), posted a net profit of SAR 85.1 million for the first nine months of 2022, up from SAR 39 million a year earlier.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 427.42 | 639.11 | 49.5 % |
| Gross Income | 70.83 | 128.17 | 81.0 % |
| Operating Income | 42.78 | 103.41 | 141.7 % |
| Net Income | 38.96 | 85.05 | 118.3 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.13 | 0.28 | 118.3 % |
The higher profit was spurred by a 50% rise year-on-year (YoY) in revenue. Gross profit margins expanded to 19% in the nine-month period, from 17% in the prior-year period. Operating expenses and financing costs decreased.
The profit growth came despite an increased provision for impairment in accounts receivable, as well as higher Zakat and tax charges.
In Q3 2022, the company’s net profit soared 84% to SAR 32.3 million, from SAR 17.58 million in Q3 2021. Revenue jumped 29% YoY. Gross profit margins rose to 22% in Q3 2022, from 20% in the prior-year period, amid a decline in financing costs.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 160.84 | 207.37 | 28.9 % |
| Gross Income | 32.13 | 49.55 | 54.2 % |
| Operating Income | 18.71 | 39.56 | 111.4 % |
| Net Income | 17.58 | 32.26 | 83.5 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.06 | 0.11 | 83.5 % |
Total shareholders’ equity, after minority interest, grew to SAR 219.2 million as of Sept. 30, 2022, from SAR 159.72 million in the prior-year period.
Revenue from operation and maintenance services rose to SAR 271.13 million in the first nine months of 2022, compared to SAR 207.01 million a year earlier.
Call center services’ revenue increased to SAR 213.31 million, from SAR 128.06 million in the first nine months of 2021.
Revenue from software licenses and development services (SWD) came in at SAR 154.68 million, compared to SAR 92.35 million in the nine-month period of 2021.
Perfect Presentation generated SAR 574.42 million revenue from the governmental and quasi-governmental sector in the same period, compared to SAR 399.46 million in the first nine months of 2021.
Revenue from the private sector jumped to SAR 64.69 million, from SAR 27.96 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 % |
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 |
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 % |
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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
Business Segments (Million)
Q3 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 |
| Current | |
| Market Cap (M Riyal) | 4,188.00 |
| Enterprise Value (EV) (M) | 4,549.76 |
| 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) | 29.84 |
| P/E (TTM) | 25.14 |
| Price/book | 8.29 |
| Return on Average Assets (%) (TTM) | 14.6 |
| Return on Average Equity (%) (TTM) | 39.2 |
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