solutions Q1 2023 profit rises 7% to SAR 304 mln

solutions Q1 2023 profit rises 7% to SAR 304 mln

07/05/2023 Argaam Exclusive

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Arabian Internet and Communication Services Co. (solutions) posted a net profit of SAR 304 million for Q1 2022, a rise of 7% from SAR 283 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,242.90 2,676.27 19.3 %
Gross Income 493.53 606.16 22.8 %
Operating Income 312.95 356.97 14.1 %
Net Income 282.91 303.81 7.4 %
Average Shares 120.00 120.00 -
EPS (Riyals) 2.36 2.53 7.4 %

The profit growth was mainly due to a rise in gross profit of SAR 112 million. This was as a result of a SAR 433 million revenue increase, which was offset by a jump in the cost of revenue of SAR 321 million.

 

On the other hand, operating expenses grew by SAR 69 million, as general and administration expenses rose by SAR 25 million. Selling and distribution expenses also surged SAR 43 million.

 

In addition, Zakat and tax charge added SAR 14 million.

 

 

On a sequential basis, Q1 2023 net profit rose 54.3% from SAR 196.98 million.

 

Total shareholders’ equity, excluding minority interest, reached SAR 3.01 billion by the end of the period, compared with SAR 2.53 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %
Q4 2022 2,437.88 67.8 % 513.71 21.2 % 240.38 88.1 %
Q1 2023 2,676.27 19.3 % 606.16 22.8 % 356.97 14.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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
Q4 2022 196.98 72.1 % 1.64 (27.14) 224.11 1.87
Q1 2023 303.81 7.4 % 2.53 - 303.81 2.53

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 20.63 % 11.86 % 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 %
Q1 2022 23.89 % 16.08 % 12.01 %
Q2 2022 24.38 % 16.23 % 12.00 %
Q3 2022 24.57 % 16.24 % 12.41 %
Q4 2022 22.84 % 15.96 % 12.27 %
Q1 2023 22.99 % 15.76 % 11.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 120.00 8.09 8.09 22.32
Q4 2022 120.00 8.77 9.00 23.42
Q1 2023 120.00 8.95 9.17 25.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 29.43 29.43 10.66
Q4 2022 27.44 26.75 10.37
Q1 2023 27.80 27.12 9.90

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
Q3 2022 1,013.88 585.84 439.44
Q4 2022 1,365.34 628.35 444.19
Q1 2023 1,558.93 674.42 442.92

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 297.82 303.81 2.01 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Al Rajhi Capital 303.00 303.81 0.3 %
Riyad Capital 303.00 303.81 0.3 %
SNB Capital 312.00 303.81 (2.6) %
Goldman Sachs 288.00 303.81 5.5 %
U-Capital 283.10 303.81 7.3 %


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
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Share Price

Arabian Internet and Communications Services Co.
267.80
(2.20) (0.81 %)

Arabian Internet and Communications Services Co. (SOLUTIONS)

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