2P reports 26% profit growth to SAR 163.3M in 2024; Q4 at SAR 37.9M

Perfect Presentation for Commercial Services Co. (2P) reported a net profit of SAR 163.3 million in 2024, an increase of 26% compared to SAR 129.3 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,129.67	1,071.03	(5.2 %)
Gross Income	210.41	250.92	19.3 %
Operating Income	165.02	169.18	2.5 %
Net Income	129.29	163.34	26.3 %
Average Shares	300.00	300.00	-
Earnings Per Share before unusual items	0.42	0.40	(2.9 %)
EPS (Riyals)	0.43	0.54	26.3 %

Gross profit margin increased from 18.6% in 2023 to 23.43% in 2024, driven by higher profitability in some completed projects and the execution of projects on an agent basis.

The company also recorded capital gains of SAR 31 million.

Meanwhile, 2024 revenue decreased by 5% to SAR 1.07 billion, due to the completion of certain projects.

Due to delays in collecting receivables from certain projects as per the scheduled timelines, finance costs as a percentage of revenue increased from 3.3% in 2023 to 3.9% in 2024. Expected credit loss provisions increased to SAR 30.7 million in 2024, compared to SAR 12.5 million in 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	387.91	295.80	(23.7 %)
Gross Income	55.34	83.46	50.8 %
Operating Income	43.70	46.35	6.1 %
Net Income	33.35	37.93	13.7 %
Average Shares	300.00	300.00	-
Earnings Per Share before unusual items	0.10	0.10	2.3 %
EPS (Riyals)	0.11	0.13	13.7 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	268.60	295.80	10.1 %
Gross Income	59.07	83.46	41.3 %
Operating Income	40.11	46.35	15.6 %
Net Income	36.95	37.93	2.7 %
Average Shares	300.00	300.00	-
Earnings Per Share before unusual items	0.10	0.10	0.4 %
EPS (Riyals)	0.12	0.13	2.7 %

Q4 2024 net earnings grew 14% to SAR 37.9 million, compared to SAR 33.35 million in Q4 2023.

Sequentially, bottom-line rose 2.7% from SAR 36.9 million in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 544.44 million by Dec. 31, 2024, compared to SAR 382.02 million a year earlier.

View More Financial Results

View other reports

Share Price

Perfect Presentation for Commercial Services Co. (2P)

	Current
Market Cap (M Riyal)	3,894.00
Enterprise Value (EV) (M)	4,225.05
Shares Outstanding ((M))	300.00
EPS ( Riyal) (TTM)	0.54
Book Value (BV) ( Riyal)	1.82
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	32.12
P/E (TTM)	23.84
Price/book	7.14
Return on Average Assets (%) (TTM)	12.5
Return on Average Equity (%) (TTM)	19.0

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	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
Q1 2021	124.32	-	22.30	-	15.30	-
Q2 2021	142.26	-	16.39	-	8.76	-
Q3 2021	160.84	-	32.13	-	18.71	-
Q4 2021	228.06	-	45.18	-	43.47	-
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
Q1 2022	193.49	55.6 %	35.11	57.4 %	27.39	79.0 %
Q2 2022	238.25	67.5 %	43.51	165.5 %	36.46	316.1 %
Q3 2022	207.37	28.9 %	49.55	54.2 %	39.56	111.4 %
Q4 2022	288.06	26.3 %	71.22	57.6 %	55.82	28.4 %
2022	927.17	41.4 %	199.38	71.9 %	159.23	84.6 %
Q1 2023	225.08	16.3 %	43.83	24.8 %	35.43	29.4 %
Q2 2023	246.36	3.4 %	53.65	23.3 %	40.79	11.9 %
Q3 2023	270.32	30.4 %	57.59	16.2 %	45.10	14.0 %
Q4 2023	387.91	34.7 %	55.34	(22.3 %)	43.70	(21.7 %)
2023	1,129.67	21.8 %	210.41	5.5 %	165.02	3.6 %
Q1 2024	219.49	(2.5 %)	54.79	25.0 %	41.87	18.2 %
Q2 2024	287.14	16.6 %	53.60	(0.1 %)	40.84	0.1 %
Q3 2024	268.60	(0.6 %)	59.07	2.6 %	40.11	(11.1 %)
Q4 2024	295.80	(23.7 %)	83.46	50.8 %	46.35	6.1 %
2024	1,071.03	(5.2 %)	250.92	19.3 %	169.18	2.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
2022	927.17	41.4 %	199.38	71.9 %	159.23	84.6 %
2023	1,129.67	21.8 %	210.41	5.5 %	165.02	3.6 %
2024	1,071.03	(5.2 %)	250.92	19.3 %	169.18	2.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share 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	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	23.01	31.3 %	0.08	-	23.01	0.08
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	64.37	179.8 %	0.21	-	64.37	0.21
Q1 2021	14.49	-	0.05	-	14.49	0.05
Q2 2021	6.89	-	0.02	-	6.89	0.02
Q3 2021	17.58	-	0.06	-	17.58	0.06
Q4 2021	41.65	-	0.14	-	41.65	0.14
2021	80.62	25.2 %	0.27	-	80.62	0.27
Q1 2022	22.08	52.3 %	0.07	-	22.08	0.07
Q2 2022	30.72	346.0 %	0.10	-	30.72	0.10
Q3 2022	32.26	83.5 %	0.11	-	32.26	0.11
Q4 2022	46.40	11.4 %	0.15	-	46.40	0.15
2022	131.46	63.1 %	0.44	-	131.46	0.44
Q1 2023	28.58	29.5 %	0.10	-	28.58	0.10
Q2 2023	32.71	6.5 %	0.11	-	32.71	0.11
Q3 2023	34.65	7.4 %	0.12	-	34.65	0.12
Q4 2023	33.35	(28.1 %)	0.11	4.43	28.92	0.10
2023	129.29	(1.6 %)	0.43	4.43	124.86	0.42
Q1 2024	29.68	3.8 %	0.10	-	29.68	0.10
Q2 2024	58.77	79.7 %	0.20	26.28	32.49	0.11
Q3 2024	36.95	6.6 %	0.12	7.48	29.47	0.10
Q4 2024	37.93	13.7 %	0.13	8.34	29.60	0.10
2024	163.34	26.3 %	0.54	42.10	121.23	0.40

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
2019	23.01	31.3 %	0.08	-	23.01	0.08
2020	64.37	179.8 %	0.21	-	64.37	0.21
2021	80.62	25.2 %	0.27	-	80.62	0.27
2022	131.46	63.1 %	0.44	-	131.46	0.44
2023	129.29	(1.6 %)	0.43	4.43	124.86	0.42
2024	163.34	26.3 %	0.54	42.10	121.23	0.40

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	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	15.87 %	9.42 %	9.72 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	18.36 %	9.05 %	7.72 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	18.87 %	13.58 %	13.34 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	17.70 %	13.60 %	12.30 %
2021	17.70 %	13.60 %	12.30 %
Q1 2022	17.78 %	14.02 %	12.17 %
Q2 2022	19.00 %	15.78 %	13.65 %
Q3 2022	19.99 %	17.39 %	14.61 %
Q4 2022	21.50 %	17.64 %	14.18 %
2022	21.50 %	17.64 %	14.18 %
Q1 2023	21.71 %	17.92 %	14.39 %
Q2 2023	22.57 %	18.19 %	14.47 %
Q3 2023	21.97 %	17.62 %	13.82 %
Q4 2023	18.63 %	15.02 %	11.05 %
2023	18.63 %	15.02 %	11.05 %
Q1 2024	19.69 %	15.70 %	11.21 %
Q2 2024	19.00 %	15.22 %	10.79 %
Q3 2024	19.16 %	14.85 %	10.36 %
Q4 2024	23.43 %	16.48 %	11.32 %
2024	23.43 %	16.48 %	11.32 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	15.87 %	9.42 %	9.72 %
2019	18.36 %	9.05 %	7.72 %
2020	18.87 %	13.58 %	13.34 %
2021	17.70 %	13.60 %	12.30 %
2022	21.50 %	17.64 %	14.18 %
2023	18.63 %	15.02 %	11.05 %
2024	23.43 %	16.48 %	11.32 %

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	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	17.94 %	12.82 %	11.66 %
Q2 2021	11.52 %	6.74 %	4.84 %
Q3 2021	19.98 %	12.02 %	10.93 %
Q4 2021	19.81 %	19.41 %	18.26 %
Q1 2022	18.14 %	14.68 %	11.41 %
Q2 2022	18.26 %	15.75 %	12.89 %
Q3 2022	23.89 %	19.61 %	15.56 %
Q4 2022	24.72 %	19.79 %	16.11 %
Q1 2023	19.47 %	16.28 %	12.70 %
Q2 2023	21.78 %	16.88 %	13.28 %
Q3 2023	21.30 %	17.12 %	12.82 %
Q4 2023	14.27 %	11.66 %	7.46 %
Q1 2024	24.96 %	19.78 %	13.52 %
Q2 2024	18.67 %	14.77 %	11.31 %
Q3 2024	21.99 %	15.52 %	10.97 %
Q4 2024	28.22 %	16.56 %	10.01 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (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	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	300.00	-	-	0.42
Q2 2021	300.00	-	-	0.44
Q3 2021	300.00	-	-	0.49
Q4 2021	300.00	0.27	0.27	0.53
Q1 2022	300.00	0.29	0.29	0.61
Q2 2022	300.00	0.37	0.37	0.65
Q3 2022	300.00	0.42	0.42	0.73
Q4 2022	300.00	0.44	0.44	0.85
Q1 2023	300.00	0.46	0.46	0.94
Q2 2023	300.00	0.47	0.47	1.05
Q3 2023	300.00	0.47	0.47	1.15
Q4 2023	300.00	0.43	0.42	1.27
Q1 2024	300.00	0.43	0.42	1.37
Q2 2024	300.00	0.52	0.42	1.57
Q3 2024	300.00	0.53	0.40	1.68
Q4 2024	300.00	0.54	0.40	1.82

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	300.00	0.06	0.06	0.16
2019	300.00	0.08	0.08	0.24
2020	300.00	0.21	0.21	0.37
2021	300.00	0.27	0.27	0.53
2022	300.00	0.44	0.44	0.85
2023	300.00	0.43	0.42	1.27
2024	300.00	0.54	0.40	1.82

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	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	19.99	19.99	10.36
Q1 2023	22.72	22.72	11.15
Q2 2023	22.70	22.70	10.08
Q3 2023	23.44	23.44	9.70
Q4 2023	28.47	29.48	9.64
Q1 2024	38.42	39.78	12.19
Q2 2024	28.11	34.98	9.36
Q3 2024	28.54	37.58	8.97
Q4 2024	25.79	34.74	7.73

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	19.99	19.99	10.36
2023	28.47	29.48	9.64
2024	25.79	34.74	7.73

Business Segments (Million)

Compared With The

Period	Call Center services	Operation and maintenance services	Software licenses and development services (SWD)	Managed Business Services	Cybersecurity services
Q1 2021	59.70	32.88	31.74	-	-
Q2 2021	66.25	43.96	32.05	-	-
Q3 2021	81.06	51.21	28.57	-	-
Q4 2021	94.65	84.41	48.99	-	-
Q1 2022	85.92	66.78	40.79	-	-
Q2 2022	98.60	70.34	69.32	-	-
Q3 2022	86.61	76.19	44.57	-	-
Q4 2022	72.90	140.60	74.56	-	-
Q1 2023	66.50	80.42	78.15	-	-
Q2 2023	83.49	81.79	77.77	3.32	-
Q3 2023	76.75	83.30	99.26	11.01	-
Q4 2023	77.71	135.89	161.39	12.91	-
Q1 2024	74.88	68.66	59.07	12.51	4.37
Q2 2024	83.36	88.23	78.93	34.16	2.46
Q3 2024	66.01	97.65	60.33	42.16	2.46
Q4 2024	73.78	89.67	95.97	16.18	20.20

Period	Call Center services	Operation and maintenance services	Software licenses and development services (SWD)	Managed Business Services	Cybersecurity services
2019	107.41	114.94	75.75	-	-
2020	231.18	134.49	116.80	-	-
2021	301.67	212.47	141.34	-	-
2022	344.02	353.91	229.24	-	-
2023	304.46	381.40	416.57	27.24	-
2024	298.02	344.22	294.30	105.01	29.48

Analysts Estimates (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change‬
Average	41.45	37.93	(8.5 %)

Estimates vs Actual (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change
Al Rajhi Capital	38.00	37.93	(0.2) %
AlJazira Capital	44.90	37.93	(15.5) %

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2P reports 26% profit growth to SAR 163.3M in 2024; Q4 at SAR 37.9M

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2P reports 26% profit growth to SAR 163.3M in 2024; Q4 at SAR 37.9M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Perfect Presentation for Commercial Services Co. (2P)

Financial Ratios

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) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Business Segments (Million)