Rasan earns SAR 94.7M in 2024; SAR 39.8M in Q4
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Rasan Information Technology Co. posted a net profit of SAR 94.7 million for 2024, up from SAR 46 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 256.23 | 358.33 | 39.8 % |
| Gross Income | 148.40 | 238.14 | 60.5 % |
| Operating Income | 58.99 | 107.61 | 82.4 % |
| Net Income | 45.95 | 94.73 | 106.1 % |
| Average Shares | 70.50 | 75.80 | 7.5 % |
| Earnings Per Share before unusual items | 0.77 | 1.37 | 76.9 % |
| EPS (Riyals) | 0.65 | 1.25 | 91.7 % |
The annual net profit was spurred by a 25% year-on-year (YoY) rise in the number of policies sold, particularly with medical insurance sales growing 69% YoY.
The company also launched new products, such as comprehensive insurance for leased vehicles through Tameeni, in addition to cross-selling initiatives that expanded the take rate on the current customer base.
Furthermore, the company strengthened network of strategic partners increasing the number of insurance companies, financial institutions, payment providers.
Net profits in 2024 more than doubled compared to the previous year, due to the rise in gross profit margin by 8.6% (66.5% during 2024 compared to 57.9% during 2023), driven by scale, product mix, cross-selling and enhanced operational efficiency.
There was also an increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) by 27.6% compared to the previous year driven by scale and efficiency (strong discipline in cost control).
Meanwhile, the company enhanced its current products and launched new products in the H2 2024, which led to three times increase in the net profit in Q4 2024 compared to Q4 2023.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 69.85 | 117.87 | 68.8 % |
| Gross Income | 39.04 | 93.30 | 139.0 % |
| Operating Income | 20.35 | 50.62 | 148.7 % |
| Net Income | 9.95 | 39.79 | 299.9 % |
| Average Shares | 70.50 | 75.80 | 7.5 % |
| Earnings Per Share before unusual items | 0.26 | 0.64 | 145.3 % |
| EPS (Riyals) | 0.14 | 0.52 | 271.9 % |
The fourth-quarter net earnings tripled to SAR 39.8 million, compared to SAR 9.9 million in Q4 2023.
On a sequential basis, net earnings grew by 8.6% from SAR 36.6 million in Q3 2024.
Total shareholders’ equity, no minority interest, increased to SAR 414.9 million as of Dec. 31, 2024, from SAR 120.99 million a year earlier.
Attached Documents
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 66.93 | 19.8 % | 40.04 | 23.3 % | 9.94 | 231.2 % |
| Q2 2024 | 63.53 | 21.6 % | 37.43 | 24.9 % | 11.76 | 81.9 % |
| Q3 2024 | 110.00 | 40.5 % | 67.37 | 43.6 % | 35.30 | 21.0 % |
| Q4 2024 | 117.87 | 68.8 % | 93.30 | 139.0 % | 50.62 | 148.7 % |
| 2024 | 358.33 | 39.8 % | 238.14 | 60.5 % | 107.61 | 82.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 10.49 | 385.6 % | 0.15 | - | 10.49 | 0.15 |
| Q2 2024 | 7.80 | 43.4 % | 0.10 | - | 7.80 | 0.10 |
| Q3 2024 | 36.65 | 29.0 % | 0.48 | - | 36.65 | 0.48 |
| Q4 2024 | 39.79 | 299.9 % | 0.52 | (8.76) | 48.55 | 0.64 |
| 2024 | 94.73 | 106.1 % | 1.25 | (8.76) | 103.49 | 1.37 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 58.34 % | 29.84 % | 23.47 % |
| Q2 2024 | 58.67 % | 30.74 % | 23.37 % |
| Q3 2024 | 59.26 % | 29.62 % | 23.64 % |
| Q4 2024 | 66.46 % | 34.14 % | 28.88 % |
| 2024 | 66.46 % | 34.14 % | 28.88 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 70.50 | 0.77 | 0.89 | 1.92 |
| Q2 2024 | 75.80 | 0.75 | 0.86 | 4.41 |
| Q3 2024 | 75.80 | 0.86 | 0.97 | 4.90 |
| Q4 2024 | 75.80 | 1.25 | 1.37 | 5.47 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 93.05 | 80.95 | 15.78 |
| Q3 2024 | 75.13 | 66.47 | 13.14 |
| Q4 2024 | 70.70 | 64.71 | 16.14 |
Business Segments (Million)
Q4 2024
| Period | Tameeni - Vehicles | Insurance - Health | Leased | Other segments |
|---|---|---|---|---|
| Q1 2024 | 39.38 | 8.32 | 18.12 | 1.12 |
| Q2 2024 | 34.39 | 10.79 | 17.43 | 0.92 |
| Q3 2024 | 67.11 | 13.81 | 28.09 | 0.99 |
| Q4 2024 | 56.52 | 15.38 | 43.97 | 2.00 |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Average | 35.00 | 39.79 | 13.68 % |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 35.00 | 39.79 | 13.7 % |
| Current | |
| Market Cap (M Riyal) | 6,123.29 |
| Enterprise Value (EV) (M) | 5,672.26 |
| Shares Outstanding ((M)) | 77.51 |
| EPS ( Riyal) (TTM) | 1.25 |
| Book Value (BV) ( Riyal) | 5.47 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 14.76 |
| Return on Average Assets (%) (TTM) | 15.2 |
| Return on Average Equity (%) (TTM) | 25.9 |
Share Price
Rasan Information Technology Co. (RASAN)
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