solutions net profit surges 19% to SAR 856 mln in 9M 2022, Q3 up 17% to SAR 300 mln
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Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 856 million in the first nine months of 2022, a 19% increase from SAR 718 million in the year-ago period.
The profit increase was driven by increased revenue of SAR 1.145 billion due to higher core telecom and information technology (IT) services by 25.1%, managed IT and operation services by 18.0% and digital services by 8.8%.
Meanwhile, solutions reported a SAR 17 million surge in other income.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 5,755.45 | 6,367.21 | 10.6 % |
| Gross Income | 1,284.24 | 1,497.54 | 16.6 % |
| Operating Income | 771.33 | 919.85 | 19.3 % |
| Net Income | 718.49 | 855.89 | 19.1 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 5.99 | 7.13 | 19.1 % |
In Q3 2022, the net profit after Zakat and tax saw a 17% increase to SAR 300 million, from SAR 257.2 million in the year before.
Sequentially, solutions’ net profit rose 10% from SAR 273.1 million in Q2 2022.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 1,951.46 | 2,039.15 | 4.5 % |
| Gross Income | 462.77 | 498.97 | 7.8 % |
| Operating Income | 276.44 | 313.38 | 13.4 % |
| Net Income | 257.17 | 299.89 | 16.6 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.14 | 2.50 | 16.6 % |
Shareholders’ equity, no minority interest, grew to SAR 2.678 billion as of Sept. 30, 2022, from SAR 2.141 billion in the year-earlier period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q3 2022 | 2,039.15 | 4.5 % | 498.97 | 7.8 % | 313.38 | 13.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 282.91 | 37.9 % | 2.36 | - | 282.91 | 2.36 |
| Q2 2022 | 273.09 | 6.6 % | 2.28 | - | 273.09 | 2.28 |
| Q3 2022 | 299.89 | 16.6 % | 2.50 | - | 299.89 | 2.50 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 23.89 % | 16.08 % | 12.01 % |
| Q2 2022 | 24.38 % | 16.23 % | 12.00 % |
| Q3 2022 | 24.57 % | 16.24 % | 12.41 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 120.00 | 7.59 | 7.59 | 21.12 |
| Q2 2022 | 120.00 | 7.73 | 7.73 | 19.72 |
| Q3 2022 | 120.00 | 8.09 | 8.09 | 22.32 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 27.80 | 27.80 | 9.99 |
| Q2 2022 | 25.59 | 25.59 | 10.03 |
| Q3 2022 | 29.43 | 29.43 | 10.66 |
Business Segments (Million)
Q3 2022
| Period | Core ICT Services | IT Managed and Operational Services | Digital Services |
|---|---|---|---|
| Q1 2022 | 1,324.08 | 529.20 | 389.63 |
| Q2 2022 | 1,068.27 | 586.29 | 430.59 |
| Q3 2022 | 1,013.88 | 585.84 | 439.44 |
Analysts Estimates (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Average | 272.32 | 299.89 | 10.13 % |
Estimates vs Actual (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Goldman Sachs | 308.40 | 299.89 | (2.8) % |
| SNB Capital | 278.00 | 299.89 | 7.9 % |
| U-Capital | 277.50 | 299.89 | 8.1 % |
| Arqaam Capital | 266.00 | 299.89 | 12.7 % |
| Riyad Capital | 253.00 | 299.89 | 18.5 % |
| Al Rajhi Capital | 251.00 | 299.89 | 19.5 % |
| 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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