Edarat posts 32% rise in H1 2023 profit to SAR 8.3 mln

Edarat posts 32% rise in H1 2023 profit to SAR 8.3 mln

27/07/2023 Argaam Exclusive

View other reports

Edarat Communication and Information Technology Co. posted a 32% profit leap to SAR 8.3 million in H1 2023 from SAR 6.3 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 28.54 39.87 39.7 %
Gross Income 13.65 16.72 22.5 %
Operating Income 7.21 9.01 25.0 %
Net Income 6.27 8.27 31.8 %
Average Shares 2.52 2.52 -
EPS (Riyals) 2.49 3.28 31.8 %

The positive performance was driven by an increase in overall revenues by 39.69% year-on-year (YoY), as revenues in EdaratCloud services grew significantly by 126 YoY%. Further, Edarat reported a steady growth of 30% YoY in data center services compared to the same period of 2022. 

 

The higher profit came despite the company’s continuous investment in cloud infrastructure expansions and human capital to support the business growth.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 28.54 39.87 39.7 %
Gross Income 13.65 16.72 22.5 %
Operating Income 7.21 9.01 25.0 %
Net Income 6.27 8.27 31.8 %
Average Shares 2.52 2.52 -
EPS (Riyals) 2.49 3.28 31.8 %

Shareholders’ equity, no minority interest, increased to SAR 29.72 million as of June 30, 2023, from SAR 15.71 million a year earlier.

View More Financial Results

 

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 10.83 - 3.84 - 0.97 -
H2 2021 26.50 - 8.95 - 6.50 -
H1 2022 28.54 163.5 % 13.65 255.4 % 7.21 643.1 %
H2 2022 30.35 14.5 % 10.15 13.4 % 7.11 9.3 %
H1 2023 39.87 39.7 % 16.72 22.5 % 9.01 25.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 0.83 - 0.33 - 0.83 0.33
H2 2021 5.65 - 2.24 - 5.65 2.24
H1 2022 6.27 653.5 % 2.49 - 6.27 2.49
H2 2022 6.33 12.1 % 2.51 - 6.33 2.51
H1 2023 8.27 31.8 % 3.28 - 8.27 3.28

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 34.26 % 22.27 % 17.36 %
H1 2022 41.06 % 26.68 % 21.65 %
H2 2022 40.41 % 27.77 % 21.40 %
H1 2023 38.26 % 27.32 % 20.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H2 2022 2.52 5.00 5.00 8.52
H1 2023 2.52 5.79 5.79 11.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2022 12.02 12.02 7.06
H1 2023 31.00 31.00 15.22

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
Q2 2023 26.79 13.08 -


Financial Ratios
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
more

Share Price

Edarat Communication and Information Technology Co.
530.00
16.20 3.15 %

Edarat Communication and Information Technology Co. (EDARAT)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.