TAM’s net profit rises 45% to SAR 40.6M in 2023

27/03/2024 Argaam Exclusive

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TAM Development Co. reported a net profit of SAR 40.6 million for 2023, a 45% jump from SAR 27.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	147.07	188.40	28.1 %
Gross Income	54.82	89.76	63.7 %
Operating Income	30.05	43.30	44.1 %
Net Income	27.93	40.60	45.4 %
Average Shares	3.66	3.66	-
EPS (Riyals)	7.63	11.09	45.4 %

This was spurred by a 28.1% increase year-on-year (YoY) in revenue, 63.7% growth YoY in gross profit and a 46.9% rise in operating profit.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	108.82	125.59	15.4 %
Gross Income	42.40	65.33	54.1 %
Operating Income	26.75	36.62	36.9 %
Net Income	25.56	35.84	40.2 %
Average Shares	3.66	3.66	-
EPS (Riyals)	6.98	9.79	40.2 %

Item	H1 2023	H2 2023	Change‬
Revenues	62.81	125.59	100.0 %
Gross Income	24.43	65.33	167.4 %
Operating Income	6.69	36.62	447.7 %
Net Income	4.76	35.84	652.3 %
Average Shares	3.66	3.66	-
EPS (Riyals)	1.30	9.79	652.3 %

Total shareholders’ equity, no minority interest, stood at SAR 109.76 million by Dec. 31, 2023, compared to SAR 71.62 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2021	25.10	2.81	0.77
H2 2021	64.75	13.71	3.75
H1 2022	38.26	2.37	0.65
H2 2022	108.81	25.56	6.98
H1 2023	62.811	4.76	1.30
H2 2023	125.59	35.84	9.79

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	41.37	-	23.29	-	9.15	-
H1 2021	25.10	-	9.05	-	3.31	-
H2 2021	64.75	-	26.38	-	14.48	-
2021	89.85	117.2 %	35.44	52.2 %	17.79	94.5 %
H1 2022	38.26	52.4 %	12.43	37.3 %	3.31	(0.1 %)
H2 2022	108.82	68.1 %	42.40	60.7 %	26.75	84.7 %
2022	147.07	63.7 %	54.82	54.7 %	30.05	69.0 %
H1 2023	62.81	64.2 %	24.43	96.6 %	6.69	102.3 %
H2 2023	125.59	15.4 %	65.33	54.1 %	36.62	36.9 %
2023	188.40	28.1 %	89.76	63.7 %	43.30	44.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	41.37	-	23.29	-	9.15	-
2021	89.85	117.2 %	35.44	52.2 %	17.79	94.5 %
2022	147.07	63.7 %	54.82	54.7 %	30.05	69.0 %
2023	188.40	28.1 %	89.76	63.7 %	43.30	44.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	9.44	-	2.58	-	9.44	2.58
H1 2021	2.81	-	0.77	-	2.81	0.77
H2 2021	13.70	-	3.74	-	13.70	3.74
2021	16.52	75.0 %	4.51	-	16.52	4.51
H1 2022	2.37	(15.6 %)	0.65	-	2.37	0.65
H2 2022	25.56	86.5 %	6.98	-	25.56	6.98
2022	27.93	69.1 %	7.63	-	27.93	7.63
H1 2023	4.76	100.8 %	1.30	-	4.76	1.30
H2 2023	35.84	40.2 %	9.79	-	35.84	9.79
2023	40.60	45.4 %	11.09	-	40.60	11.09

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	9.44	-	2.58	-	9.44	2.58
2021	16.52	75.0 %	4.51	-	16.52	4.51
2022	27.93	69.1 %	7.63	-	27.93	7.63
2023	40.60	45.4 %	11.09	-	40.60	11.09

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	56.29 %	26.93 %	22.82 %
H1 2021	-	-	-
H2 2021	39.44 %	22.11 %	18.38 %
2021	39.44 %	22.11 %	18.38 %
H1 2022	37.68 %	19.51 %	15.61 %
H2 2022	37.28 %	22.25 %	18.99 %
2022	37.28 %	22.25 %	18.99 %
H1 2023	38.94 %	21.33 %	17.67 %
H2 2023	47.64 %	25.27 %	21.55 %
2023	47.64 %	25.27 %	21.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	56.29 %	26.93 %	22.82 %
2021	39.44 %	22.11 %	18.38 %
2022	37.28 %	22.25 %	18.99 %
2023	47.64 %	25.27 %	21.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	36.07 %	17.33 %	11.20 %
H2 2021	40.75 %	23.97 %	21.17 %
H1 2022	32.49 %	11.96 %	6.20 %
H2 2022	38.96 %	25.86 %	23.48 %
H1 2023	38.90 %	13.47 %	7.58 %
H2 2023	52.02 %	31.17 %	28.54 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	-	-	-	-
H2 2019	-	-	-	-
H1 2020	-	-	-	-
H2 2020	-	-	-	-
H1 2021	3.66	-	-	8.55
H2 2021	3.66	4.51	4.51	12.25
H1 2022	3.66	4.39	4.39	12.64
H2 2022	3.66	7.63	7.63	19.57
H1 2023	3.66	8.28	8.28	21.01
H2 2023	3.66	11.09	11.09	29.99

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	3.66	2.58	2.58	8.10
2021	3.66	4.51	4.51	12.25
2022	3.66	7.63	7.63	19.57
2023	3.66	11.09	11.09	29.99

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-
H2 2022	-	-	-
H1 2023	15.66	15.66	6.18
H2 2023	10.63	10.63	4.37

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	10.63	10.63	4.37

Business Segments (Million)

Compared With The

Period	Advisory and project management services	Technical solutions
Q2 2021	19.60	5.50
Q4 2021	52.39	12.35
Q2 2022	33.05	5.21
Q4 2022	93.40	15.41
Q2 2023	55.92	6.89
Q4 2023	109.38	16.21

Period	Advisory and project management services	Technical solutions
2020	27.43	13.93
2021	71.99	17.86
2022	126.45	20.62
2023	165.30	23.10

Financial Ratios

	Current
Market Cap (M Riyal)	721.55
Enterprise Value (EV) (M)	669.19
Shares Outstanding ((M))	3.66
Book Value (BV) ( Riyal)	29.99
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	17.77
Price/book	6.57

Tam Development Co. (TAM DEVELOPMENT)

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TAM’s net profit rises 45% to SAR 40.6M in 2023

View other reports

Financials (M)

Current Half Annual 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) 2023 Q4

Financial Ratios

Share Price

Tam Development Co. (TAM DEVELOPMENT)

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TAM’s net profit rises 45% to SAR 40.6M in 2023

View other reports

Financials (M)

Current Half Annual 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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Tam Development Co. (TAM DEVELOPMENT)

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Business Segments (Million)