solutions 2021 net profit up 19% to SAR 833 mln; Q4 hits SAR 114.5 mln
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Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 833 million for 2021, a rise of 19% from SAR 702 million a year earlier.
The higher profit was spurred by an increase of 20.1% year-on-year (YoY) in gross profit due to a rise of 13.4% YoY in total revenue, despite a higher cost of revenue.
The revenues growth was primarily attributed to an increase of 19.9% YoY in revenue from IT and managed operational services, along with a rise of 7.4% and 13% YoY in core ICT and digital services, respectively.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 6,891.42 | 7,208.34 | 4.6 % |
| Gross Income | 1,421.97 | 1,707.97 | 20.1 % |
| Operating Income | 757.01 | 899.10 | 18.8 % |
| Net Income | 701.80 | 832.92 | 18.7 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 5.85 | 6.94 | 18.7 % |
The fourth-quarter net profit after Zakat and tax climbed 55% YoY to SAR 114.5 million.
On a sequential basis, net profit fell by 55.5% from SAR 257.17 million.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,750.05 | 1,452.88 | (17.0 %) |
| Gross Income | 311.61 | 423.73 | 36.0 % |
| Operating Income | 81.90 | 127.78 | 56.0 % |
| Net Income | 73.56 | 114.43 | 55.6 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.61 | 0.95 | 55.6 % |
Shareholders’ equity, excluding minority interest, rose by 18% to SAR 2.271 billion in 2021, from SAR 1.924 billion a year earlier.
Earnings before interest, taxes, Zakat, depreciation and amortization (EBITDA) jumped 28.4% to SAR 1.107 billion from SAR 862 million in 2020.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2021 | 1,866.79 | 22.9 % | 389.38 | 39.1 % | 224.29 | 53.5 % |
| Q2 2021 | 1,937.20 | 15.3 % | 432.10 | 9.1 % | 270.60 | (1.5 %) |
| Q3 2021 | 1,951.46 | 0.5 % | 462.77 | 6.6 % | 276.44 | 8.7 % |
| Q4 2021 | 1,452.88 | (17.0 %) | 423.73 | 36.0 % | 127.78 | 56.0 % |
| 2021 | 7,208.34 | 4.6 % | 1,707.97 | 20.1 % | 899.10 | 18.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2021 | 205.20 | 53.4 % | 1.71 | - | 205.20 | 1.71 |
| Q2 2021 | 256.12 | 0.7 % | 2.13 | - | 256.12 | 2.13 |
| Q3 2021 | 257.17 | 7.1 % | 2.14 | - | 257.17 | 2.14 |
| Q4 2021 | 114.43 | 55.6 % | 0.95 | - | 114.43 | 0.95 |
| 2021 | 832.92 | 18.7 % | 6.94 | - | 832.92 | 6.94 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 21.15 % | 12.81 % | 10.68 % |
| Q2 2021 | 20.91 % | 12.90 % | 10.34 % |
| Q3 2021 | 21.26 % | 13.82 % | 10.55 % |
| Q4 2021 | 23.69 % | 15.37 % | 11.55 % |
| 2021 | 23.69 % | 15.37 % | 11.55 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2021 | 120.00 | 6.44 | 6.44 | 15.07 |
| Q2 2021 | 120.00 | 6.46 | 6.46 | 17.21 |
| Q3 2021 | 120.00 | 6.60 | 6.60 | 17.84 |
| Q4 2021 | 120.00 | 6.94 | 6.94 | 18.92 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | 29.73 | 29.73 | 11.00 |
| Q4 2021 | 26.84 | 26.84 | 9.95 |
Business Segments (Million)
Q4 2021
| Period | Core ICT Services | IT Managed and Operational Services | Digital Services |
|---|---|---|---|
| Q1 2021 | 1,008.89 | 466.80 | 391.10 |
| Q2 2021 | 1,019.85 | 481.38 | 435.97 |
| Q3 2021 | 1,076.17 | 494.45 | 380.84 |
| Q4 2021 | 565.33 | 509.16 | 378.39 |
Analysts Estimates (Million)
| Item | Q4 2021 (e) | Q4 2021 (a) | Change |
|---|---|---|---|
| Average | 172.50 | 114.43 | (33.7 %) |
Estimates vs Actual (Million)
| Item | Q4 2021 (e) | Q4 2021 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 132.00 | 114.43 | (13.3) % |
| SNB Capital | 213.00 | 114.43 | (46.3) % |
| Current | |
| Market Cap (M Riyal) | 32,136.00 |
| Enterprise Value (EV) (M) | 30,121.25 |
| Shares Outstanding ((M)) | 120.00 |
| EPS ( Riyal) (TTM) | 11.93 |
| Book Value (BV) ( Riyal) | 30.69 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 25.52 |
| P/E (TTM) | 22.45 |
| Price/book | 8.73 |
| Return on Average Assets (%) (TTM) | 13.1 |
| Return on Average Equity (%) (TTM) | 41.7 |
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