2P profit rises to SAR 125.4M in 9M 2024, SAR36.9M in Q3
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Perfect Presentation for Commercial Services Co. (2P) reported a 31% profit rise in the first nine months of 2024 to SAR 125.4 million from SAR 95.9 million a year earlier.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 741.77 | 775.23 | 4.5 % |
| Gross Income | 155.07 | 167.46 | 8.0 % |
| Operating Income | 122.45 | 125.08 | 2.2 % |
| Net Income | 95.94 | 125.40 | 30.7 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.32 | 0.42 | 30.7 % |
During the nine-month period, revenue grew 4.5% to SAR 775 million from SAR 741 million a year earlier, supported by ongoing growth across business segments and the launch of the cybersecurity segment at the beginning of 2024.
Meanwhile, the company recorded capital gains in 2024 from compensation for its expropriated properties.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 270.32 | 268.60 | (0.6 %) |
| Gross Income | 56.65 | 59.07 | 4.3 % |
| Operating Income | 45.76 | 41.74 | (8.8 %) |
| Net Income | 34.65 | 36.95 | 6.6 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.12 | 0.12 | 6.6 % |
In Q3 2024, net profit grew 6.6% year-on-year (YoY) to SAR 36.95 million, from SAR 34.65 million in Q3 2023.
On a quarterly basis, net profit fell 37.1% from SAR 58.77 million in Q2 2024.
Total shareholders’ equity, no minority interest, rose to SAR 505.9 million by Sept. 30, 2024, from SAR 349.3 million in a prior-year period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 219.49 | (2.5 %) | 54.79 | 25.0 % | 41.87 | 18.2 % |
| Q2 2024 | 287.14 | 16.6 % | 53.60 | (0.1 %) | 41.30 | 1.3 % |
| Q3 2024 | 268.60 | (0.6 %) | 59.07 | 4.3 % | 41.74 | (8.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 29.68 | 3.8 % | 0.10 | - | 29.68 | 0.10 |
| Q2 2024 | 58.77 | 79.7 % | 0.20 | 26.28 | 32.49 | 0.11 |
| Q3 2024 | 36.95 | 6.6 % | 0.12 | - | 36.95 | 0.12 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 20.13 % | 16.46 % | 12.30 % |
| Q2 2024 | 19.43 % | 15.99 % | 11.85 % |
| Q3 2024 | 19.66 % | - | 12.06 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 300.00 | 0.46 | 0.46 | 1.37 |
| Q2 2024 | 300.00 | 0.55 | 0.46 | 1.57 |
| Q3 2024 | 300.00 | 0.56 | 0.47 | 1.68 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 36.24 | 36.24 | 12.19 |
| Q2 2024 | 26.77 | 31.86 | 9.36 |
| Q3 2024 | 27.19 | 32.28 | 8.97 |
Business Segments (Million)
Q3 2024
| Period | Call Center services | Operation and maintenance services | Software licenses and development services (SWD) | Managed Business Services | Cybersecurity services |
|---|---|---|---|---|---|
| Q1 2024 | 74.88 | 68.66 | 59.07 | 12.51 | 4.37 |
| Q2 2024 | 83.36 | 88.23 | 78.93 | 34.16 | 2.46 |
| Q3 2024 | 66.01 | 97.65 | 60.33 | 42.16 | 2.46 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 47.10 | 36.95 | (21.6 %) |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 45.00 | 36.95 | (17.9) % |
| AlJazira Capital | 49.20 | 36.95 | (24.9) % |
| 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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