Rasan profit jumps 53% to SAR 54.9M in 9M 2024; Q3 at SAR 36.7M
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Rasan Information Technology Co.’s net profit jumped to SAR 54.9 million in the first nine months of 2024, from SAR 36 million a year earlier.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 186.39 | 240.46 | 29.0 % |
| Gross Income | 109.36 | 144.85 | 32.5 % |
| Operating Income | 38.64 | 56.99 | 47.5 % |
| Net Income | 36.00 | 54.94 | 52.6 % |
| Average Shares | 70.50 | 75.80 | 7.5 % |
| EPS (Riyals) | 0.51 | 0.72 | 41.9 % |
Revenues increased by 29% year-on-year (YoY) as number of insurance policies sold grew by 30% YoY. Policy renewal rate (customer retention) also edged up, in addition to the launch of new products in Q3 2024.
Meanwhile, Rasan witnessed a 47.5% YoY rise in operating profits.
Gross profit grew 32.5% YoY, with a profit margin of 60.2% compared to 58.7% during the same period of the previous year, as a result of increasing the efficiency of operations and reducing some sales costs.
Rasan posted a 40.6% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), achieving a record margin of 28.2% compared to 25.9% during the first nine months of 2023.
In contrast, the average prices of insurance policies by insurance companies decreased by about 28%.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 78.27 | 110.00 | 40.5 % |
| Gross Income | 46.91 | 67.37 | 43.6 % |
| Operating Income | 29.18 | 35.30 | 21.0 % |
| Net Income | 28.40 | 36.65 | 29.0 % |
| Average Shares | 70.50 | 75.80 | 7.5 % |
| EPS (Riyals) | 0.40 | 0.48 | 20.0 % |
Rasan registered SAR 36.65 million profit in Q3 2024, compared to SAR 28.40 million in the year earlier period.
Quarter-on-quarter, Q3 net profit leapt 315.5% from SAR 8.82 million.
At the end of the period, shareholders' equity, no minority interests, stood at SAR 371.09 million, up from SAR 110.98 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO 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 |
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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 90.99 | 79.17 | 15.43 |
| Q3 2024 | 73.48 | 65.00 | 12.85 |
Business Segments (Million)
Q3 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 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 30.00 | 36.65 | 22.16 % |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 30.00 | 36.65 | 22.2 % |
| Current | |
| Market Cap (M Riyal) | 5,654.68 |
| Enterprise Value (EV) (M) | 5,270.07 |
| Shares Outstanding ((M)) | 75.80 |
| EPS ( Riyal) (TTM) | 0.86 |
| Book Value (BV) ( Riyal) | 4.90 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 15.24 |
| Return on Average Assets (%) (TTM) | 14.0 |
| Return on Average Equity (%) (TTM) | 26.9 |
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