2P’s 2023 profit down 2% to SAR 129.3M; Q4 at SAR 38.8M
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Perfect Presentation for Commercial Services Co. (2P) reported a 2% profit decline in 2023 to SAR 129.3 million from SAR 131.5 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 927.17 | 1,129.67 | 21.8 % |
| Gross Income | 199.38 | 210.41 | 5.5 % |
| Operating Income | 159.23 | 165.02 | 3.6 % |
| Net Income | 131.46 | 129.29 | (1.6 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.44 | 0.43 | (1.6 %) |
The profit decline was driven by higher finance cost to revenue increased from 2.7% in 2022 to 3.3% in 2023.
Additionally, the expected credit loss provision rose to SAR 12.5 million last year from SAR 4.4 million in 2022. This was partially offset by higher sales revenue, as well as gross and operating profits.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 288.06 | 387.91 | 34.7 % |
| Gross Income | 71.22 | 61.24 | (14.0 %) |
| Operating Income | 55.82 | 51.57 | (7.6 %) |
| Net Income | 46.40 | 41.21 | (11.2 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.15 | 0.14 | (11.2 %) |
In Q4 2023, net profit fell 17% to SAR 38.8 million from SAR 46.4 million in Q4 2022.
On a quarterly basis, net profit rose 15.4% from SAR 33.5 million in Q3 2023.
Total shareholders’ equity, no minority interest, rose to SAR 382.02 million as of Dec. 31, 2023, from SAR 253.60 million in a prior-year period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 225.08 | 16.3 % | 43.83 | 24.8 % | 35.43 | 29.4 % |
| Q2 2023 | 246.36 | 3.4 % | 53.65 | 23.3 % | 40.79 | 11.9 % |
| Q3 2023 | 270.32 | 30.4 % | 56.65 | 14.3 % | 45.76 | 15.7 % |
| Q4 2023 | 387.91 | 34.7 % | 61.24 | (14.0 %) | 51.57 | (7.6 %) |
| 2023 | 1,129.67 | 21.8 % | 210.41 | 5.5 % | 165.02 | 3.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 28.58 | 29.5 % | 0.10 | - | 28.58 | 0.10 |
| Q2 2023 | 32.71 | 6.5 % | 0.11 | - | 32.71 | 0.11 |
| Q3 2023 | 34.65 | 7.4 % | 0.12 | - | 34.65 | 0.12 |
| Q4 2023 | 41.21 | (11.2 %) | 0.14 | - | 41.21 | 0.14 |
| 2023 | 129.29 | (1.6 %) | 0.43 | - | 129.29 | 0.43 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 21.71 % | 17.92 % | 14.39 % |
| Q2 2023 | 22.57 % | 18.19 % | 14.47 % |
| Q3 2023 | 21.88 % | 17.69 % | 13.82 % |
| Q4 2023 | 19.07 % | 15.78 % | 12.14 % |
| 2023 | 18.63 % | 15.02 % | 11.45 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 300.00 | 0.46 | 0.46 | 0.94 |
| Q2 2023 | 300.00 | 0.47 | 0.47 | 1.05 |
| Q3 2023 | 300.00 | 0.47 | 0.47 | 1.15 |
| Q4 2023 | 300.00 | 0.46 | 0.46 | 1.27 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 22.72 | 22.72 | 11.15 |
| Q2 2023 | 22.70 | 22.70 | 10.08 |
| Q3 2023 | 23.44 | 23.44 | 9.70 |
| Q4 2023 | 26.84 | 26.84 | 9.64 |
Business Segments (Million)
Q4 2023
| Period | Call Center services | Operation and maintenance services | Software licenses and development services (SWD) | Managed Business Services |
|---|---|---|---|---|
| Q1 2023 | 66.50 | 80.42 | 78.15 | - |
| Q2 2023 | 83.49 | 81.79 | 77.77 | 3.32 |
| Q3 2023 | 76.75 | 83.30 | 99.26 | 11.01 |
| Q4 2023 | 77.71 | 135.89 | 161.39 | 12.91 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 44.35 | 41.21 | (7.1 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 40.70 | 41.21 | 1.3 % |
| Al Rajhi Capital | 48.00 | 41.21 | (14.1) % |
| Current | |
| Market Cap (M Riyal) | 4,200.00 |
| Enterprise Value (EV) (M) | 4,561.76 |
| 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) | 29.93 |
| P/E (TTM) | 25.21 |
| Price/book | 8.32 |
| Return on Average Assets (%) (TTM) | 14.6 |
| Return on Average Equity (%) (TTM) | 39.2 |
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