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Edarat’s H1 2022 profit rises to SAR 6.3 mln; Q2 at SAR 3.2 mln
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 | - |
| Earnings Per Share before unusual items | 0.33 | 2.49 | 653.5 % |
| 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 Quarter Comparison (M)
| Item | Q2 2021 | Q2 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 | - |
| Earnings Per Share before unusual items | 0.33 | 2.49 | 653.5 % |
| EPS (Riyals) | 0.33 | 2.49 | 653.5 % |
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.
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Share Price
Edarat Communication and Information Technology Co. (EDARAT)
| Current | |
| Market Cap (M Riyal) | 1,365.34 |
| Enterprise Value (EV) (M) | 1,355.06 |
| Shares Outstanding ((M)) | 2.52 |
| Book Value (BV) ( Riyal) | 24.95 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| Price/book | 21.71 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2021 | - | - | - | - | - | - |
| Q2 2021 | 10.83 | - | 3.84 | - | 0.97 | - |
| Q3 2021 | - | - | - | - | - | - |
| Q4 2021 | 26.50 | - | 8.95 | - | 6.50 | - |
| 2021 | 37.33 | 21.8 % | 12.79 | 48.0 % | 7.47 | 82.7 % |
| Q1 2022 | - | - | - | - | - | - |
| Q2 2022 | 28.54 | 163.5 % | 13.65 | 255.4 % | 7.21 | 643.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2021 | - | - | - | - | - | - |
| Q2 2021 | 0.83 | - | 0.33 | - | 0.83 | 0.33 |
| Q3 2021 | - | - | - | - | - | - |
| Q4 2021 | 5.65 | - | 2.24 | - | 5.65 | 2.24 |
| 2021 | 6.48 | 67.3 % | 2.57 | - | 6.48 | 2.57 |
| Q1 2022 | - | - | - | - | - | - |
| Q2 2022 | 6.27 | 653.5 % | 2.49 | - | 6.27 | 2.49 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | 41.06 % | 26.68 % | 21.65 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | - | - | - | - |
| Q2 2022 | 2.52 | 4.73 | 4.73 | 6.24 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
Business Segments (Million)
Q2 2022
| Period | Engineering Services for Data Centres | Cloud computing services | Branches revenue |
|---|---|---|---|
| Q2 2022 | 20.66 | 5.78 | 2.10 |
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