solutions H1 2024 profit leaps 25% to SAR 806M; Q2 at SAR 453M

Arabian Internet and Communication Services Co. (solutions) posted a net profit of SAR 806 million for H1 2024, a rise of 25% from SAR 643.5 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	5,377.56	5,580.12	3.8 %
Gross Income	1,337.83	1,315.34	(1.7 %)
Operating Income	744.22	769.73	3.4 %
Net Income	643.50	806.13	25.3 %
Average Shares	120.00	120.00	-
EPS (Riyals)	5.36	6.72	25.3 %

Revenues grew by SAR 202 million year-on-year (YoY) in H1 2024, driven by the 17.4% YoY increase in IT-managed and operational services. This was despite the YoY pullback in core ICT and digital services by 1.6% and 1.2%, respectively.

For the six-month period, operating expenses (opex) fell by SAR 48 million YoY, as a result of the SAR 7 million decrease in general and administrative expenses. Selling and distribution expenses also dropped by SAR 41 million, with Zakat and tax charges down by SAR 79 million during the same period.

Gross other revenue/(expenses) increased by SAR 58 million YoY in H1 2024, mainly due to the booking of net other revenue of SAR 26 million

The company reported a net profit of SAR 453 million in Q2 2024, a 33% leap from SAR 339.69 million in Q2 2023, driven by higher revenues as well as lower general, administrative, selling, and distribution expenses. This came although the cost of revenue soared by SAR 106 million for the three-month period.

On a sequential basis, Q2 2024 net earnings rose 28.2% from SAR 353.34 million, although the the topline declined on a quarterly basis by SAR 38 million amid a SAR 47 million quarter-on-quarter hike in opex.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2,701.29	2,771.47	2.6 %
Gross Income	731.67	695.88	(4.9 %)
Operating Income	387.25	399.53	3.2 %
Net Income	339.69	452.79	33.3 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.83	3.77	33.3 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	2,808.65	2,771.47	(1.3 %)
Gross Income	619.46	695.88	12.3 %
Operating Income	370.20	399.53	7.9 %
Net Income	353.34	452.79	28.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.94	3.77	28.1 %

Total shareholders’ equity, excluding minority interest, advanced to SAR 3.24 billion by the end of June 30, 2024, compared with SAR 2.78 billion a year earlier.

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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 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 %
Q1 2022	2,242.90	20.1 %	493.53	26.7 %	312.95	39.5 %
Q2 2022	2,085.15	7.6 %	505.04	16.9 %	293.52	8.5 %
Q3 2022	2,039.15	4.5 %	498.97	7.8 %	313.38	13.4 %
Q4 2022	2,437.88	67.8 %	513.71	21.2 %	240.38	88.1 %
2022	8,805.09	22.2 %	2,011.25	17.8 %	1,160.23	29.0 %
Q1 2023	2,676.27	19.3 %	606.16	22.8 %	356.97	14.1 %
Q2 2023	2,701.29	29.5 %	731.67	44.9 %	387.25	31.9 %
Q3 2023	2,794.64	37.0 %	795.69	59.5 %	438.44	39.9 %
Q4 2023	2,868.29	17.7 %	464.10	(9.7 %)	204.23	(15.0 %)
2023	11,040.49	25.4 %	2,597.62	29.2 %	1,386.89	19.5 %
Q1 2024	2,808.65	4.9 %	619.46	2.2 %	370.20	3.7 %
Q2 2024	2,771.47	2.6 %	695.88	(4.9 %)	399.53	3.2 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2022	8,805.09	22.2 %	2,011.25	17.8 %	1,160.23	29.0 %
2023	11,040.49	25.4 %	2,597.62	29.2 %	1,386.89	19.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO 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	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
Q1 2022	282.91	37.9 %	2.36	-	282.91	2.36
Q2 2022	273.09	6.6 %	2.28	-	273.09	2.28
Q3 2022	299.89	16.6 %	2.50	-	299.89	2.50
Q4 2022	196.98	72.1 %	1.64	(27.14)	224.11	1.87
2022	1,052.87	26.4 %	8.77	(27.14)	1,080.00	9.00
Q1 2023	303.81	7.4 %	2.53	-	303.81	2.53
Q2 2023	339.69	24.4 %	2.83	-	339.69	2.83
Q3 2023	386.65	28.9 %	3.22	-	386.65	3.22
Q4 2023	162.01	(17.8 %)	1.35	-	162.01	1.35
2023	1,192.15	13.2 %	9.93	-	1,192.15	9.93
Q1 2024	353.34	16.3 %	2.94	30.80	322.54	2.69
Q2 2024	452.79	33.3 %	3.77	68.30	384.49	3.20

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	1,052.87	26.4 %	8.77	(27.14)	1,080.00	9.00
2023	1,192.15	13.2 %	9.93	-	1,192.15	9.93

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	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 %
Q1 2022	23.89 %	16.08 %	12.01 %
Q2 2022	24.38 %	16.23 %	12.00 %
Q3 2022	24.57 %	16.24 %	12.41 %
Q4 2022	22.84 %	15.96 %	12.27 %
2022	22.84 %	15.81 %	12.27 %
Q1 2023	22.99 %	15.76 %	11.92 %
Q2 2023	23.85 %	15.85 %	11.85 %
Q3 2023	24.95 %	16.12 %	11.82 %
Q4 2023	23.53 %	15.12 %	10.80 %
2023	23.53 %	15.12 %	10.80 %
Q1 2024	23.37 %	15.13 %	10.84 %
Q2 2024	22.90 %	15.15 %	11.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	22.84 %	15.81 %	12.27 %
2023	23.53 %	15.12 %	10.80 %

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	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 %
Q1 2022	22.00 %	16.41 %	12.61 %
Q2 2022	24.22 %	16.76 %	13.10 %
Q3 2022	24.47 %	18.06 %	14.71 %
Q4 2022	21.07 %	13.11 %	9.19 %
Q1 2023	22.65 %	15.65 %	11.35 %
Q2 2023	27.09 %	16.87 %	12.57 %
Q3 2023	28.47 %	18.50 %	13.84 %
Q4 2023	16.18 %	9.69 %	5.65 %
Q1 2024	22.06 %	15.68 %	11.48 %
Q2 2024	25.11 %	16.91 %	13.87 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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	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
Q1 2022	120.00	7.59	7.59	21.12
Q2 2022	120.00	7.73	7.73	19.72
Q3 2022	120.00	8.09	8.09	22.32
Q4 2022	120.00	8.77	9.00	23.42
Q1 2023	120.00	8.95	9.17	25.13
Q2 2023	120.00	9.50	9.73	23.23
Q3 2023	120.00	10.23	10.45	26.46
Q4 2023	120.00	9.93	9.93	27.70
Q1 2024	120.00	10.35	10.09	29.37
Q2 2024	120.00	11.29	10.46	27.03

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	120.00	8.77	9.00	23.42
2023	120.00	9.93	9.93	27.70

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	29.73	29.73	11.00
Q4 2021	26.84	26.84	9.95
Q1 2022	27.80	27.80	9.99
Q2 2022	25.59	25.59	10.03
Q3 2022	29.43	29.43	10.66
Q4 2022	27.44	26.75	10.37
Q1 2023	27.80	27.12	9.90
Q2 2023	33.95	33.16	13.89
Q3 2023	31.25	30.58	12.08
Q4 2023	34.92	34.92	12.63
Q1 2024	36.72	37.66	12.94
Q2 2024	25.86	27.91	10.80

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	26.84	26.84	9.95
2022	27.44	26.75	10.37
2023	34.92	34.92	12.63

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
Q1 2022	1,324.08	529.20	389.63
Q2 2022	1,068.27	586.29	430.59
Q3 2022	1,013.88	585.84	439.44
Q4 2022	1,365.34	628.35	444.19
Q1 2023	1,558.93	674.42	442.92
Q2 2023	1,377.28	825.27	498.74
Q3 2023	1,474.47	896.60	423.57
Q4 2023	1,583.49	866.06	418.74
Q1 2024	1,584.25	778.02	446.38
Q2 2024	1,304.27	983.04	484.16

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
2022	4,771.57	2,329.68	1,703.85
2023	5,994.17	3,262.35	1,783.98

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	372.81	452.79	21.45 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
U-Capital	434.70	452.79	4.2 %
Goldman Sachs	406.80	452.79	11.3 %
Jefferies	403.00	452.79	12.4 %
Sico	388.00	452.79	16.7 %
Arqaam Capital	385.00	452.79	17.6 %
Citi Bank Group	376.00	452.79	20.4 %
YAQEEN	365.00	452.79	24.1 %
SNB Capital	360.00	452.79	25.8 %
Riyad Capital	349.00	452.79	29.7 %
Al Rajhi Capital	346.00	452.79	30.9 %
AlJazira Capital	337.20	452.79	34.3 %
United Securities Company	323.00	452.79	40.2 %

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solutions H1 2024 profit leaps 25% to SAR 806M; Q2 at SAR 453M

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)

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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solutions H1 2024 profit leaps 25% to SAR 806M; Q2 at SAR 453M

Financials (M)

Current Quarter Comparison (M)

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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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Business Segments (Million)