Edarat profit jumps 38% to SAR 17.4M in 2023
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Edarat Communication and Information Technology Co. posted a net profit rise of 37.8% to SAR 17.4 million in 2023, compared to SAR 12.6 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 58.89 | 80.24 | 36.2 % |
| Gross Income | 23.80 | 34.59 | 45.3 % |
| Operating Income | 14.31 | 19.03 | 32.9 % |
| Net Income | 12.60 | 17.37 | 37.8 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 5.00 | 6.89 | 37.8 % |
The profit growth was propelled by a 36% year-on-year (YoY) rise in revenue to SAR 80.2 million. Top line also surged 312% YoY in H2 2023.
Gross profit leapt 45% YoY to SAR 34.6 million. The cost of sales declined to 57% in 2023 from 60% in 2022.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 30.35 | 40.37 | 33.0 % |
| Gross Income | 10.15 | 17.88 | 76.2 % |
| Operating Income | 7.11 | 10.02 | 41.0 % |
| Net Income | 6.33 | 9.10 | 43.8 % |
| Average Shares | 2.52 | 2.52 | - |
| EPS (Riyals) | 2.51 | 3.61 | 43.8 % |
Edarat added that earnings before interest and tax (EBIT) increased by 37% YoY to SAR 19.8 million in 2023.
Total comprehensive income came in at SAR 17.6 million, a leap of 46% on a yearly basis thanks to the gains realized from the re-measurement of employment benefits, which amounted to SAR 201,000.
Total shareholders’ equity, with no minority interest, stood at SAR 39.03 million as of Dec. 31, 2023, compared to SAR 21.46 million a year earlier.
|
Interim Financial Statements |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
10.83 |
0.83 |
0.65 |
|
H2 2021 |
26.50 |
5.65 |
4.48 |
|
H1 2022 |
28.54 |
6.27 |
4.97 |
|
H2 2022 |
30.35 |
6.33 |
5.02 |
|
H1 2023 |
39.87 |
8.27 |
6.56 |
|
H2 2023 |
40.37 |
9.1 |
13.79 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 39.87 | 39.7 % | 16.72 | 22.5 % | 9.01 | 25.0 % |
| H2 2023 | 40.37 | 33.0 % | 17.88 | 76.2 % | 10.02 | 41.0 % |
| 2023 | 80.24 | 36.2 % | 34.59 | 45.3 % | 19.03 | 32.9 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 8.27 | 31.8 % | 3.28 | - | 8.27 | 3.28 |
| H2 2023 | 9.10 | 43.8 % | 3.61 | - | 9.10 | 3.61 |
| 2023 | 17.37 | 37.8 % | 6.89 | - | 17.37 | 6.89 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 38.26 % | 27.32 % | 20.79 % |
| H2 2023 | 43.11 % | 27.41 % | 21.65 % |
| 2023 | 43.11 % | 27.41 % | 21.65 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 2.52 | 5.79 | 5.79 | 11.80 |
| H2 2023 | 2.52 | 6.89 | 6.89 | 15.49 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 31.00 | 31.00 | 15.22 |
| H2 2023 | 27.36 | 27.36 | 12.18 |
Business Segments (Million)
Q4 2023
| Period | Engineering Services for Data Centres | Cloud computing services | Branches revenue |
|---|---|---|---|
| Q2 2023 | 26.79 | 13.08 | - |
| Q4 2023 | 23.04 | 17.32 | - |
| Current | |
| Market Cap (M Riyal) | 1,335.60 |
| Enterprise Value (EV) (M) | 1,327.45 |
| 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 | 34.22 |
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