solutions’ H1 2022 profit climbs 21% to SAR 556 mln; Q2 up 7% to SAR 273 mln

01/08/2022 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 556 million in H1 2022, a rise of 21%, compared to SAR 461 million in the prior-year period.

This profit growth was motivated by a SAR 869 million year-on-year (YoY) increase in total revenue, which was offset by a higher revenue cost. The company also cited higher core ICT services, IT managed and operational services, as well as digital services.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	3,803.99	4,328.06	13.8 %
Gross Income	821.47	998.57	21.6 %
Operating Income	494.89	606.47	22.5 %
Net Income	461.32	556.00	20.5 %
Average Shares	120.00	120.00	-
EPS (Riyals)	3.84	4.63	20.5 %

The company’s Q2 2022 net profit after Zakat and tax rose 7% to SAR 273 million from SAR 256 million a year earlier, driven by a SAR 73 million YoY jump in gross profit, SAR 317 million YoY surge in revenues on 20.8% higher core ICT service and a 21.8% rise in IT managed and operational services.

On a sequential basis, net profit fell by 3.5% from SAR 282.92 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1,937.20	2,085.15	7.6 %
Gross Income	432.10	505.04	16.9 %
Operating Income	270.60	293.52	8.5 %
Net Income	256.12	273.09	6.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.13	2.28	6.6 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	2,242.90	2,085.15	(7.0 %)
Gross Income	493.53	505.04	2.3 %
Operating Income	312.95	293.52	(6.2 %)
Net Income	282.91	273.09	(3.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.36	2.28	(3.5 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 2.367 billion by the end of H1 2022, compared to SAR 2.065 billion in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	2,962.26	-	914.65	-	621.24	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	4,041.30	36.4 %	965.05	5.5 %	581.85	(6.3 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	5,257.30	30.1 %	847.25	(12.2 %)	339.50	(41.7 %)
Q1 2020	1,518.85	-	279.97	-	146.14	-
Q2 2020	1,680.17	-	396.23	-	274.63	-
Q3 2020	1,942.35	-	434.16	-	254.35	-
Q4 2020	1,750.05	-	311.61	-	81.90	-
2020	6,891.42	31.1 %	1,421.97	67.8 %	757.01	123.0 %
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 %
Q1 2022	2,242.90	20.1 %	493.53	26.7 %	312.95	39.5 %
Q2 2022	2,085.15	7.6 %	505.04	16.9 %	293.52	8.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	2,962.26	-	914.65	-	621.24	-
2018	4,041.30	36.4 %	965.05	5.5 %	581.85	(6.3 %)
2019	5,257.30	30.1 %	847.25	(12.2 %)	339.50	(41.7 %)
2020	6,891.42	31.1 %	1,421.97	67.8 %	757.01	123.0 %
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 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	549.86	-	4.58	-	549.86	4.58
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	556.46	1.2 %	4.64	-	556.46	4.64
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	393.83	(29.2 %)	3.28	71.99	321.83	2.68
Q1 2020	133.78	-	1.11	-	133.78	1.11
Q2 2020	254.35	-	2.12	-	254.35	2.12
Q3 2020	240.11	-	2.00	-	240.11	2.00
Q4 2020	73.56	-	0.61	-	73.56	0.61
2020	701.80	78.2 %	5.85	-	701.80	5.85
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
Q1 2022	282.91	37.9 %	2.36	-	282.91	2.36
Q2 2022	273.09	6.6 %	2.28	-	273.09	2.28

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	549.86	-	4.58	-	549.86	4.58
2018	556.46	1.2 %	4.64	-	556.46	4.64
2019	393.83	(29.2 %)	3.28	71.99	321.83	2.68
2020	701.80	78.2 %	5.85	-	701.80	5.85
2021	832.92	18.7 %	6.94	-	832.92	6.94

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	30.88 %	21.59 %	18.56 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	23.88 %	15.43 %	13.77 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	16.12 %	8.21 %	6.12 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	20.63 %	11.86 %	10.18 %
2020	20.63 %	12.56 %	10.18 %
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 %
Q1 2022	23.89 %	16.08 %	12.01 %
Q2 2022	24.38 %	16.23 %	12.00 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	30.88 %	21.59 %	18.56 %
2018	23.88 %	15.43 %	13.77 %
2019	16.12 %	8.21 %	6.12 %
2020	20.63 %	12.56 %	10.18 %
2021	23.69 %	15.37 %	11.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	18.43 %	-	8.81 %
Q2 2020	23.58 %	-	15.14 %
Q3 2020	22.35 %	14.57 %	12.36 %
Q4 2020	17.81 %	6.48 %	4.20 %
Q1 2021	20.86 %	13.73 %	10.99 %
Q2 2021	22.31 %	16.24 %	13.22 %
Q3 2021	23.71 %	18.08 %	13.18 %
Q4 2021	29.16 %	12.67 %	7.88 %
Q1 2022	22.00 %	16.41 %	12.61 %
Q2 2022	24.22 %	16.76 %	13.10 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	120.00	-	-	-
Q2 2020	120.00	-	-	-
Q3 2020	120.00	-	-	-
Q4 2020	120.00	5.85	5.85	16.03
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
Q1 2022	120.00	7.59	7.59	21.12
Q2 2022	120.00	7.73	7.73	19.72

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	120.00	4.58	4.58	11.65
2018	120.00	4.64	4.64	13.88
2019	120.00	3.28	2.68	10.47
2020	120.00	5.85	5.85	16.03
2021	120.00	6.94	6.94	18.92

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	29.73	29.73	11.00
Q4 2021	26.84	26.84	9.95
Q1 2022	27.80	27.80	9.99
Q2 2022	25.59	25.59	10.03

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	26.84	26.84	9.95

Business Segments (Million)

Compared With The

Period	Core ICT Services	IT Managed and Operational Services	Digital Services
Q1 2020	851.92	347.70	319.23
Q2 2020	925.56	406.53	348.08
Q3 2020	1,007.75	449.88	484.72
Q4 2020	958.35	425.91	365.79
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
Q1 2022	1,324.08	529.20	389.63
Q2 2022	1,068.27	586.29	430.59

Period	Core ICT Services	IT Managed and Operational Services	Digital Services
2019	2,960.15	1,155.29	1,141.86
2020	3,743.57	1,630.02	1,517.82
2021	3,670.24	1,951.80	1,586.30

Analysts Estimates (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change‬
Average	280.93	273.09	(2.8 %)

Estimates vs Actual (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change
Al Rajhi Capital	270.00	273.09	1.1 %
U-Capital	288.70	273.09	(5.4) %
SNB Capital	259.00	273.09	5.4 %
United Securities Company	306.00	273.09	(10.8) %

Financial Ratios

	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

Arabian Internet and Communications Services Co. (SOLUTIONS)

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solutions’ H1 2022 profit climbs 21% to SAR 556 mln; Q2 up 7% to SAR 273 mln

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Financials (M)

Current Quarter 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) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Internet and Communications Services Co. (SOLUTIONS)

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solutions’ H1 2022 profit climbs 21% to SAR 556 mln; Q2 up 7% to SAR 273 mln

View other reports

Financials (M)

Current Quarter 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) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Internet and Communications Services Co. (SOLUTIONS)

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Business Segments (Million)