2P posts 4% rise in Q1 2024 earnings to SAR 29.7M

14/05/2024 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) posted a net profit of SAR 29.7 million in Q1 2024, a 4% increase from SAR 28.6 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	225.08	219.49	(2.5 %)
Gross Income	43.83	54.79	25.0 %
Operating Income	35.43	41.87	18.2 %
Net Income	28.58	29.68	3.8 %
Average Shares	300.00	300.00	-
EPS (Riyals)	0.10	0.10	3.8 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	387.91	219.49	(43.4 %)
Gross Income	61.24	54.79	(10.5 %)
Operating Income	51.57	41.87	(18.8 %)
Net Income	41.21	29.68	(28.0 %)
Average Shares	300.00	300.00	-
EPS (Riyals)	0.14	0.10	(28.0 %)

Gross profit grew by 25% year-on-year (YoY) to SAR 54 million, essentially due to the start of operating new projects, especially in customer experience and managed service portfolios. This led to a gross profit margin of 24.96%, compared to 19.47% in Q1 2023.

Operating profit increased by 17% YoY to SAR 42 million, thus outpacing the marginal rise in selling, general, and administrative expenses.

However, revenues fell by 2.8% to SAR 219 million compared to SAR 225 million, due to the completion of some projects before the start of 2024.

On a quarter-on-quarter basis, the three-month net earnings dropped 28% from SAR 41.21 million, due to a decline in revenues from SAR 387.9 million to SAR 219 million.

Total shareholders’ equity, no minority interest, stood at SAR 410.97 million as of March 31, 2024, compared to SAR 281.18 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
Q1 2021	124.32	-	22.30	-	15.30	-
Q2 2021	142.26	-	16.39	-	8.76	-
Q3 2021	160.84	-	32.13	-	18.71	-
Q4 2021	228.06	-	45.18	-	43.47	-
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
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 %
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 %
Q1 2024	219.49	(2.5 %)	54.79	25.0 %	41.87	18.2 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
2022	927.17	41.4 %	199.38	71.9 %	159.23	84.6 %
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 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	23.01	31.3 %	0.08	-	23.01	0.08
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	64.37	179.8 %	0.21	-	64.37	0.21
Q1 2021	14.49	-	0.05	-	14.49	0.05
Q2 2021	6.89	-	0.02	-	6.89	0.02
Q3 2021	17.58	-	0.06	-	17.58	0.06
Q4 2021	41.65	-	0.14	-	41.65	0.14
2021	80.62	25.2 %	0.27	-	80.62	0.27
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
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
Q1 2024	29.68	3.8 %	0.10	-	29.68	0.10

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
2019	23.01	31.3 %	0.08	-	23.01	0.08
2020	64.37	179.8 %	0.21	-	64.37	0.21
2021	80.62	25.2 %	0.27	-	80.62	0.27
2022	131.46	63.1 %	0.44	-	131.46	0.44
2023	129.29	(1.6 %)	0.43	-	129.29	0.43

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	15.87 %	9.42 %	9.72 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	18.36 %	9.05 %	7.72 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	18.87 %	13.58 %	13.34 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	17.70 %	13.60 %	12.30 %
2021	17.70 %	13.60 %	12.30 %
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 %
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 %
Q1 2024	20.13 %	16.46 %	12.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	15.87 %	9.42 %	9.72 %
2019	18.36 %	9.05 %	7.72 %
2020	18.87 %	13.58 %	13.34 %
2021	17.70 %	13.60 %	12.30 %
2022	21.50 %	17.64 %	14.18 %
2023	18.63 %	15.02 %	11.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	17.94 %	12.82 %	11.66 %
Q2 2021	11.52 %	6.74 %	4.84 %
Q3 2021	19.98 %	12.02 %	10.93 %
Q4 2021	19.81 %	19.41 %	18.26 %
Q1 2022	18.14 %	14.68 %	11.41 %
Q2 2022	18.26 %	15.75 %	12.89 %
Q3 2022	23.89 %	19.61 %	15.56 %
Q4 2022	24.72 %	19.79 %	16.11 %
Q1 2023	19.47 %	16.28 %	12.70 %
Q2 2023	21.78 %	16.88 %	13.28 %
Q3 2023	20.96 %	17.36 %	12.82 %
Q4 2023	15.79 %	13.69 %	10.62 %
Q1 2024	24.96 %	19.78 %	13.52 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	300.00	-	-	0.42
Q2 2021	300.00	-	-	0.44
Q3 2021	300.00	-	-	0.49
Q4 2021	300.00	0.27	0.27	0.53
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
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
Q1 2024	300.00	0.46	0.46	1.37

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	300.00	0.06	0.06	0.16
2019	300.00	0.08	0.08	0.24
2020	300.00	0.21	0.21	0.37
2021	300.00	0.27	0.27	0.53
2022	300.00	0.44	0.44	0.85
2023	300.00	0.43	0.43	1.27

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	19.99	19.99	10.36
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
Q1 2024	36.24	36.24	12.19

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	19.99	19.99	10.36
2023	28.47	28.47	9.64

Business Segments (Million)

Compared With The

Period	Call Center services	Operation and maintenance services	Software licenses and development services (SWD)	Managed Business Services	Cybersecurity services
Q1 2021	59.70	32.88	31.74	-	-
Q2 2021	66.25	43.96	32.05	-	-
Q3 2021	81.06	51.21	28.57	-	-
Q4 2021	94.65	84.41	48.99	-	-
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	-	-
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	-
Q1 2024	74.88	68.66	59.07	12.51	4.37

Period	Call Center services	Operation and maintenance services	Software licenses and development services (SWD)	Managed Business Services	Cybersecurity services
2019	107.41	114.94	75.75	-	-
2020	231.18	134.49	116.80	-	-
2021	301.67	212.47	141.34	-	-
2022	344.02	353.91	229.24	-	-
2023	304.46	381.40	416.57	27.24	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	32.70	29.68	(9.2 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
AlJazira Capital	32.40	29.68	(8.4) %
Al Rajhi Capital	33.00	29.68	(10.1) %

Financial Ratios

	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

Perfect Presentation for Commercial Services Co. (2P)

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2P posts 4% rise in Q1 2024 earnings to SAR 29.7M

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Perfect Presentation for Commercial Services Co. (2P)

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2P posts 4% rise in Q1 2024 earnings to SAR 29.7M

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Perfect Presentation for Commercial Services Co. (2P)

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Business Segments (Million)