solutions 2021 net profit up 19% to SAR 833 mln; Q4 hits SAR 114.5 mln

Arabian Internet and Communications Services Co. (solutions) reported a net profit after Zakat and tax of SAR 833 million for 2021, a rise of 19% from SAR 702 million a year earlier.

The higher profit was spurred by an increase of 20.1% year-on-year (YoY) in gross profit due to a rise of 13.4% YoY in total revenue, despite a higher cost of revenue.

The revenues growth was primarily attributed to an increase of 19.9% YoY in revenue from IT and managed operational services, along with a rise of 7.4% and 13% YoY in core ICT and digital services, respectively.

Financials (M)

Item	2020	2021	Change‬
Revenues	6,891.42	7,208.34	4.6 %
Gross Income	1,421.97	1,707.97	20.1 %
Operating Income	757.01	899.10	18.8 %
Net Income	701.80	832.92	18.7 %
Average Shares	120.00	120.00	-
EPS (Riyals)	5.85	6.94	18.7 %

The fourth-quarter net profit after Zakat and tax climbed 55% YoY to SAR 114.5 million.

On a sequential basis, net profit fell by 55.5% from SAR 257.17 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	1,750.05	1,452.88	(17.0 %)
Gross Income	311.61	423.73	36.0 %
Operating Income	81.90	127.78	56.0 %
Net Income	73.56	114.43	55.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.61	0.95	55.6 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	1,951.46	1,452.88	(25.5 %)
Gross Income	462.77	423.73	(8.4 %)
Operating Income	276.44	127.78	(53.8 %)
Net Income	257.17	114.43	(55.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.14	0.95	(55.5 %)

Shareholders’ equity, excluding minority interest, rose by 18% to SAR 2.271 billion in 2021, from SAR 1.924 billion a year earlier.

Earnings before interest, taxes, Zakat, depreciation and amortization (EBITDA) jumped 28.4% to SAR 1.107 billion from SAR 862 million in 2020.

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Share Price

Arabian Internet and Communications Services Co. (SOLUTIONS)

	Current
Market Cap (M Riyal)	31,128.00
Enterprise Value (EV) (M)	29,113.25
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	11.93
Book Value (BV) ( Riyal)	30.69
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.72
P/E (TTM)	21.74
Price/book	8.45
Return on Average Assets (%) (TTM)	13.1
Return on Average Equity (%) (TTM)	41.7

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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	2,962.26	-	914.65	-	621.24	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	4,041.30	36.4 %	965.05	5.5 %	581.85	(6.3 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	5,257.30	30.1 %	847.25	(12.2 %)	339.50	(41.7 %)
Q1 2020	1,518.85	-	279.97	-	146.14	-
Q2 2020	1,680.17	-	396.23	-	274.63	-
Q3 2020	1,942.35	-	434.16	-	254.35	-
Q4 2020	1,750.05	-	311.61	-	81.90	-
2020	6,891.42	31.1 %	1,421.97	67.8 %	757.01	123.0 %
Q1 2021	1,866.79	22.9 %	389.38	39.1 %	224.29	53.5 %
Q2 2021	1,937.20	15.3 %	432.10	9.1 %	270.60	(1.5 %)
Q3 2021	1,951.46	0.5 %	462.77	6.6 %	276.44	8.7 %
Q4 2021	1,452.88	(17.0 %)	423.73	36.0 %	127.78	56.0 %
2021	7,208.34	4.6 %	1,707.97	20.1 %	899.10	18.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	2,962.26	-	914.65	-	621.24	-
2018	4,041.30	36.4 %	965.05	5.5 %	581.85	(6.3 %)
2019	5,257.30	30.1 %	847.25	(12.2 %)	339.50	(41.7 %)
2020	6,891.42	31.1 %	1,421.97	67.8 %	757.01	123.0 %
2021	7,208.34	4.6 %	1,707.97	20.1 %	899.10	18.8 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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	549.86	-	4.58	-	549.86	4.58
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	556.46	1.2 %	4.64	-	556.46	4.64
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	393.83	(29.2 %)	3.28	71.99	321.83	2.68
Q1 2020	133.78	-	1.11	-	133.78	1.11
Q2 2020	254.35	-	2.12	-	254.35	2.12
Q3 2020	240.11	-	2.00	-	240.11	2.00
Q4 2020	73.56	-	0.61	-	73.56	0.61
2020	701.80	78.2 %	5.85	-	701.80	5.85
Q1 2021	205.20	53.4 %	1.71	-	205.20	1.71
Q2 2021	256.12	0.7 %	2.13	-	256.12	2.13
Q3 2021	257.17	7.1 %	2.14	-	257.17	2.14
Q4 2021	114.43	55.6 %	0.95	-	114.43	0.95
2021	832.92	18.7 %	6.94	-	832.92	6.94

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	549.86	-	4.58	-	549.86	4.58
2018	556.46	1.2 %	4.64	-	556.46	4.64
2019	393.83	(29.2 %)	3.28	71.99	321.83	2.68
2020	701.80	78.2 %	5.85	-	701.80	5.85
2021	832.92	18.7 %	6.94	-	832.92	6.94

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
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	30.88 %	21.59 %	18.56 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	23.88 %	15.43 %	13.77 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	16.12 %	8.21 %	6.12 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	20.63 %	11.86 %	10.18 %
2020	20.63 %	12.56 %	10.18 %
Q1 2021	21.15 %	12.81 %	10.68 %
Q2 2021	20.91 %	12.90 %	10.34 %
Q3 2021	21.26 %	13.82 %	10.55 %
Q4 2021	23.69 %	15.37 %	11.55 %
2021	23.69 %	15.37 %	11.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	30.88 %	21.59 %	18.56 %
2018	23.88 %	15.43 %	13.77 %
2019	16.12 %	8.21 %	6.12 %
2020	20.63 %	12.56 %	10.18 %
2021	23.69 %	15.37 %	11.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	18.43 %	-	8.81 %
Q2 2020	23.58 %	-	15.14 %
Q3 2020	22.35 %	14.57 %	12.36 %
Q4 2020	17.81 %	6.48 %	4.20 %
Q1 2021	20.86 %	13.73 %	10.99 %
Q2 2021	22.31 %	16.24 %	13.22 %
Q3 2021	23.71 %	18.08 %	13.18 %
Q4 2021	29.16 %	12.67 %	7.88 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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	120.00	-	-	-
Q2 2020	120.00	-	-	-
Q3 2020	120.00	-	-	-
Q4 2020	120.00	5.85	5.85	16.03
Q1 2021	120.00	6.44	6.44	15.07
Q2 2021	120.00	6.46	6.46	17.21
Q3 2021	120.00	6.60	6.60	17.84
Q4 2021	120.00	6.94	6.94	18.92

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	120.00	4.58	4.58	11.65
2018	120.00	4.64	4.64	13.88
2019	120.00	3.28	2.68	10.47
2020	120.00	5.85	5.85	16.03
2021	120.00	6.94	6.94	18.92

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	29.73	29.73	11.00
Q4 2021	26.84	26.84	9.95

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	26.84	26.84	9.95

Business Segments (Million)

Compared With The

Period	Core ICT Services	IT Managed and Operational Services	Digital Services
Q1 2020	851.92	347.70	319.23
Q2 2020	925.56	406.53	348.08
Q3 2020	1,007.75	449.88	484.72
Q4 2020	958.35	425.91	365.79
Q1 2021	1,008.89	466.80	391.10
Q2 2021	1,019.85	481.38	435.97
Q3 2021	1,076.17	494.45	380.84
Q4 2021	565.33	509.16	378.39

Period	Core ICT Services	IT Managed and Operational Services	Digital Services
2019	2,960.15	1,155.29	1,141.86
2020	3,743.57	1,630.02	1,517.82
2021	3,670.24	1,951.80	1,586.30

Analysts Estimates (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change‬
Average	172.50	114.43	(33.7 %)

Estimates vs Actual (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change
Al Rajhi Capital	132.00	114.43	(13.3) %
SNB Capital	213.00	114.43	(46.3) %

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solutions 2021 net profit up 19% to SAR 833 mln; Q4 hits SAR 114.5 mln

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solutions 2021 net profit up 19% to SAR 833 mln; Q4 hits SAR 114.5 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Arabian Internet and Communications Services Co. (SOLUTIONS)

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 2021

Revenue by Business Segment (Latest) 2021 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

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