WSM profit down 54% to SAR 1.5M in H1 2024

WSM profit down 54% to SAR 1.5M in H1 2024

01/09/2024 Argaam Exclusive

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WSM for Information Technology Co. reported a net profit of SAR 1.5 million in H1 2024, a 54% decline compared to SAR 3.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 12.18 14.99 23.1 %
Gross Income 7.10 4.31 (39.3 %)
Operating Income 3.50 0.40 (88.5 %)
Net Income 3.33 1.54 (53.6 %)
Average Shares 1.95 1.95 -
EPS (Riyals) 1.71 0.79 (53.6 %)

The profit drop is mainly attributed to a year-on-year increase in total costs of revenues as the company’s contracts mainly involve providing human resources with specialized skills, which led to an increase in direct costs for projects.

 

This was despite the increase in revenues due to signing and entry into force of new contracts, in addition to the ongoing contracts from previous periods.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 12.18 14.99 23.1 %
Gross Income 7.10 4.31 (39.3 %)
Operating Income 3.50 0.40 (88.5 %)
Net Income 3.33 1.54 (53.6 %)
Average Shares 1.95 1.95 -
EPS (Riyals) 1.71 0.79 (53.6 %)

Total shareholders’ equity, no minority interest, reached SAR 35.63 million as of June 30, 2024, compared to SAR 31.89 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2022

3.85

1.23

0.63

H2 2022

6.68

2.99

1.53

H1 2023

12.18

3.33

1.71

H2 2023

15.84

2.33

1.19

H1 2024

14.99

1.54

0.79

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 3.85 - 2.43 - 1.13 -
H2 2022 6.68 - 4.18 - 2.19 -
H1 2023 12.18 216.2 % 7.10 191.8 % 3.50 210.3 %
H2 2023 15.85 137.2 % 5.42 29.9 % 1.98 (9.7 %)
H1 2024 14.99 23.1 % 4.31 (39.3 %) 0.40 (88.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 1.23 - 0.63 - 1.23 0.63
H2 2022 2.99 - 1.53 - 2.99 1.53
H1 2023 3.33 169.7 % 1.71 - 3.33 1.71
H2 2023 2.33 (22.1 %) 1.19 - 2.33 1.19
H1 2024 1.54 (53.6 %) 0.79 - 1.54 0.79

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 62.76 % 36.39 % 40.10 %
H1 2023 59.81 % 33.01 % 33.50 %
H2 2023 44.70 % 22.80 % 20.19 %
H1 2024 31.57 % 12.36 % 12.56 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 1.95 - - 13.14
H2 2022 1.95 2.17 2.17 14.69
H1 2023 1.95 3.24 3.24 16.36
H2 2023 1.95 2.90 2.90 17.48
H1 2024 1.95 1.99 1.99 18.27

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2023 - - -
H1 2024 24.70 24.70 2.68

Business Segments (Million)

Compared With The
Period Revenues from government sector Revenues from private sector
Q2 2022 3.44 -
Q2 2023 10.65 1.53
Q2 2024 14.74 0.25


Financial Ratios
Current
Market Cap (M Riyal) 93.11
Enterprise Value (EV) (M) 80.35
Shares Outstanding ((M)) 1.95
Book Value (BV) ( Riyal) 17.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.46
Price/book 2.73
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Share Price

WSM Digitalization and Transformation Co.
47.75
0.90 1.92 %

WSM Digitalization and Transformation Co. (WSM)

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