Edarat’s H1 2022 profit rises to SAR 6.3 mln; Q2 at SAR 3.2 mln

04/12/2022 Argaam Exclusive

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Edarat Communications and Information Technology Co. (Edarat), which is set to be listed on Nomu-Parallel Market, reported a net profit of SAR 6.3 million for H1 2022, compared to SAR 832,000 in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	10.83	28.54	163.5 %
Gross Income	3.84	13.65	255.4 %
Operating Income	0.97	7.21	643.1 %
Net Income	0.83	6.27	653.5 %
Average Shares	2.52	2.52	-
EPS (Riyals)	0.33	2.49	653.5 %

This profit surge was attributed to a more than two-fold increase year-on-year (YoY) in revenue, while gross profit margins grew to 48% compared to 35% in the year-earlier period. Operating margins jumped to 25%, from 9% in H1 2021.

This profit increase was offset by higher Zakat provisions.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	10.83	28.54	163.5 %
Gross Income	3.84	13.65	255.4 %
Operating Income	0.97	7.21	643.1 %
Net Income	0.83	6.27	653.5 %
Average Shares	2.52	2.52	-
EPS (Riyals)	0.33	2.49	653.5 %

Item	H2 2021	H1 2022	Change‬
Revenues	26.50	28.54	7.7 %
Gross Income	8.95	13.65	52.5 %
Operating Income	6.50	7.21	10.8 %
Net Income	5.65	6.27	11.1 %
Average Shares	2.52	2.52	-
EPS (Riyals)	2.24	2.49	11.1 %

Q2 2022 net earnings stood at SAR 3.2 million, compared to SAR 1.20 million in the prior-year period, on higher revenue, and increased profit margins, despite higher Zakat provisions.

On a sequential basis, net profit was slightly up from SAR 3.03 million in Q1 2022.

Total shareholders’ equity, excluding minority interest, stood at SAR 15.718 million by the end of H1 2022, compared to SAR 7.359 million in the year-earlier period.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	30.64	-	8.64	-	4.09	-
H1 2021	10.83	-	3.84	-	0.97	-
H2 2021	26.50	-	8.95	-	6.50	-
2021	37.33	21.8 %	12.79	48.0 %	7.47	82.7 %
H1 2022	28.54	163.5 %	13.65	255.4 %	7.21	643.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	30.64	-	8.64	-	4.09	-
2021	37.33	21.8 %	12.79	48.0 %	7.47	82.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	3.87	-	1.54	-	3.87	1.54
H1 2021	0.83	-	0.33	-	0.83	0.33
H2 2021	5.65	-	2.24	-	5.65	2.24
2021	6.48	67.3 %	2.57	-	6.48	2.57
H1 2022	6.27	653.5 %	2.49	-	6.27	2.49

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	3.87	-	1.54	-	3.87	1.54
2021	6.48	67.3 %	2.57	-	6.48	2.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	28.21 %	15.29 %	12.64 %
H1 2021	-	-	-
H2 2021	34.26 %	22.27 %	17.36 %
2021	34.27 %	22.27 %	17.36 %
H1 2022	41.06 %	26.68 %	21.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	28.21 %	15.29 %	12.64 %
2021	34.27 %	22.27 %	17.36 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	35.47 %	12.80 %	7.69 %
H2 2021	33.77 %	26.15 %	21.31 %
H1 2022	47.83 %	27.18 %	21.98 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	-	-	-	-
H2 2019	-	-	-	-
H1 2020	-	-	-	-
H2 2020	-	-	-	-
H1 2021	2.52	-	-	2.92
H2 2021	2.52	2.57	2.57	5.12
H1 2022	2.52	4.73	4.73	6.24

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	2.52	1.54	1.54	2.59
2021	2.52	2.57	2.57	5.12

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-

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

Business Segments (Million)

Compared With The

Period	Engineering Services for Data Centres	Cloud computing services	Branches revenue
Q2 2022	20.66	5.78	2.10

Period	Engineering Services for Data Centres	Cloud computing services	Branches revenue
2020	11.29	19.35	-
2021	24.36	12.97	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,408.18
Enterprise Value (EV) (M)	1,400.02
Shares Outstanding ((M))	2.52
Book Value (BV) ( Riyal)	15.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
Price/book	36.08

Edarat Communication and Information Technology Co. (EDARAT)

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Edarat’s H1 2022 profit rises to SAR 6.3 mln; Q2 at SAR 3.2 mln

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Financials (M)

Current Half Annual 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)

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Edarat Communication and Information Technology Co. (EDARAT)

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Edarat’s H1 2022 profit rises to SAR 6.3 mln; Q2 at SAR 3.2 mln

View other reports

Financials (M)

Current Half Annual 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)

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Edarat Communication and Information Technology Co. (EDARAT)

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Business Segments (Million)