solutions reports 16% net profit growth to SAR 353M in Q1 2024

05/05/2024 Argaam Exclusive

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Arabian Internet and Communications Services Co. (solutions) reported a net profit of SAR 353 million in Q1 2024, up 16% from SAR 304 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	2,676.27	2,808.65	4.9 %
Gross Income	606.16	619.46	2.2 %
Operating Income	356.97	370.20	3.7 %
Net Income	303.81	353.34	16.3 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.53	2.94	16.3 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	2,868.29	2,808.65	(2.1 %)
Gross Income	464.10	619.46	33.5 %
Operating Income	204.23	370.20	81.3 %
Net Income	162.01	353.34	118.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	1.35	2.94	118.1 %

This was buoyed by a SAR 13 million increase in the first-quarter gross profit on higher revenue, which was offset by a SAR 120 million hike in the cost of revenue.

On the other hand, operating expenses (opex) slightly increased year-on-year (YoY) in Q1 2024 as a result of a SAR 9.3 million rise in general and administration (G&A) expenses. Additionally, Zakat and tax expenses decreased YoY by SAR 48 million during the three-month period.

On a quarterly basis, the first-quarter net earnings more than doubled from SAR 162.01 million, as opex shed SAR 10 million sequentially given the SAR 36 million slump in G&A expenses. This came despite revenues falling 2.1% quarter-on-quarter (QoQ), especially after managed IT and operational services softened QoQ by 10.2% in Q1 2024.

Shareholders’ equity, after minority interest, advanced to SAR 3.52 billion by March 31, 2024, compared to SAR 3.01 billion in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %
2022	8,805.09	22.2 %	2,011.25	17.8 %	1,160.23	29.0 %
Q1 2023	2,676.27	19.3 %	606.16	22.8 %	356.97	14.1 %
Q2 2023	2,701.29	29.5 %	731.67	44.9 %	387.25	31.9 %
Q3 2023	2,794.64	37.0 %	795.69	59.5 %	438.44	39.9 %
Q4 2023	2,868.29	17.7 %	464.10	(9.7 %)	204.23	(15.0 %)
2023	11,040.49	25.4 %	2,597.62	29.2 %	1,386.89	19.5 %
Q1 2024	2,808.65	4.9 %	619.46	2.2 %	370.20	3.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2022	8,805.09	22.2 %	2,011.25	17.8 %	1,160.23	29.0 %
2023	11,040.49	25.4 %	2,597.62	29.2 %	1,386.89	19.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
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
2022	1,052.87	26.4 %	8.77	(27.14)	1,080.00	9.00
Q1 2023	303.81	7.4 %	2.53	-	303.81	2.53
Q2 2023	339.69	24.4 %	2.83	-	339.69	2.83
Q3 2023	386.65	28.9 %	3.22	-	386.65	3.22
Q4 2023	162.01	(17.8 %)	1.35	-	162.01	1.35
2023	1,192.15	13.2 %	9.93	-	1,192.15	9.93
Q1 2024	353.34	16.3 %	2.94	30.80	322.54	2.69

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	1,052.87	26.4 %	8.77	(27.14)	1,080.00	9.00
2023	1,192.15	13.2 %	9.93	-	1,192.15	9.93

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	24.57 %	16.24 %	12.41 %
Q4 2022	22.84 %	15.96 %	12.27 %
2022	22.84 %	15.81 %	12.27 %
Q1 2023	22.99 %	15.76 %	11.92 %
Q2 2023	23.85 %	15.85 %	11.85 %
Q3 2023	24.95 %	16.12 %	11.82 %
Q4 2023	23.53 %	15.12 %	10.80 %
2023	23.53 %	15.12 %	10.80 %
Q1 2024	23.37 %	15.13 %	10.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	22.84 %	15.81 %	12.27 %
2023	23.53 %	15.12 %	10.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	24.47 %	18.06 %	14.71 %
Q4 2022	21.07 %	13.11 %	9.19 %
Q1 2023	22.65 %	15.65 %	11.35 %
Q2 2023	27.09 %	16.87 %	12.57 %
Q3 2023	28.47 %	18.50 %	13.84 %
Q4 2023	16.18 %	9.69 %	5.65 %
Q1 2024	22.06 %	15.68 %	11.48 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2023	120.00	9.50	9.73	23.23
Q3 2023	120.00	10.23	10.45	26.46
Q4 2023	120.00	9.93	9.93	27.70
Q1 2024	120.00	10.35	10.09	29.37

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	120.00	8.77	9.00	23.42
2023	120.00	9.93	9.93	27.70

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2023	33.95	33.16	13.89
Q3 2023	31.25	30.58	12.08
Q4 2023	34.92	34.92	12.63
Q1 2024	36.72	37.66	12.94

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	26.84	26.84	9.95
2022	27.44	26.75	10.37
2023	34.92	34.92	12.63

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
Q2 2023	1,377.28	825.27	498.74
Q3 2023	1,474.47	896.60	423.57
Q4 2023	1,583.49	866.06	418.74
Q1 2024	1,584.25	778.02	446.38

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
2022	4,771.57	2,329.68	1,703.85
2023	5,994.17	3,262.35	1,783.98

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	345.01	353.34	2.41 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
AlJazira Capital	353.50	353.34	0.0 %
SNB Capital	350.00	353.34	1.0 %
U-Capital	349.80	353.34	1.0 %
Al Rajhi Capital	337.00	353.34	4.8 %
United Securities Company	336.00	353.34	5.2 %
Riyad Capital	333.00	353.34	6.1 %
Goldman Sachs	406.80	353.34	(13.1) %
Sico	294.00	353.34	20.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	33,408.00
Enterprise Value (EV) (M)	31,393.25
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)	26.53
P/E (TTM)	23.34
Price/book	9.07
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 reports 16% net profit growth to SAR 353M in Q1 2024

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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) 2024 Q1

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 reports 16% net profit growth to SAR 353M in Q1 2024

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

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)