solutions 9M 2024 profit rises to SAR 1.27B; Q3 at SAR 463M

Arabian Internet and Communication Services Co. (solutions) posted a net profit of SAR 1.27 billion for the first nine months of 2024, up from SAR 1.03 billion a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	8,172.20	8,333.28	2.0 %
Gross Income	2,133.51	2,044.59	(4.2 %)
Operating Income	1,182.66	1,255.03	6.1 %
Net Income	1,030.14	1,269.63	23.2 %
Average Shares	120.00	120.00	-
EPS (Riyals)	8.58	10.58	23.2 %

The annual profit hike came as the topline surged by 2% year-on-year (YoY) during the nine-month period. This was due to the revenue increase in both managed IT services and operational services by 9.8% and digital services by 5.5%, despite a 3.4% slip in core ICT services.

Moreover, operating expenses (opex) shrank by SAR 162 million in 9M 2024. This was driven by the SAR 25 million drop in general and administrative expenses, with selling and distribution expenses also down by SAR 137 million during the same period.

The nine-month earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) advanced by 5.1% to SAR 1.46 billion in the first nine months of the year, against SAR 1.39 billion for the same period last year.

Zakat and tax expenses, in addition, contracted by SAR 165 million during the current period, mainly due to the reversal of Zakat provisions related to previous periods after the completion of the Zakat, Tax and Customs Authority (ZATCA) assessment.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2,794.64	2,753.16	(1.5 %)
Gross Income	795.69	729.25	(8.3 %)
Operating Income	438.44	485.31	10.7 %
Net Income	386.65	463.50	19.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	3.22	3.86	19.9 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,771.47	2,753.16	(0.7 %)
Gross Income	695.88	729.25	4.8 %
Operating Income	399.53	485.31	21.5 %
Net Income	452.79	463.50	2.4 %
Average Shares	120.00	120.00	-
EPS (Riyals)	3.77	3.86	2.4 %

The third-quarter net earnings jumped 20% to SAR 463 million, from SAR 386.6 million in Q3 2023, although revenues dropped 1.5% YoY by the end of September 2024.

This came as opex plunged by SAR 113 million during the three-month period, despite the SAR 67 million pullback in gross profit.

On a quarterly basis, net profit grew by 2.3% from SAR 452.7 million in Q2 2024, thanks to Zakat and tax expenses narrowing by SAR 53 million in the third quarter of the year.

Total shareholders’ equity, after minority interest, advanced to SAR 3.68 billion as of Sept. 30, 2024, compared with SAR 3.17 billion a year earlier.

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Share Price

Arabian Internet and Communications Services Co. (SOLUTIONS)

	Current
Market Cap (M Riyal)	32,952.00
Enterprise Value (EV) (M)	30,937.25
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)	26.16
P/E (TTM)	23.02
Price/book	8.95
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 %
Q3 2024	2,753.16	(1.5 %)	729.25	(8.3 %)	485.31	10.7 %

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
Q3 2024	463.50	19.9 %	3.86	73.10	390.40	3.25

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 %
Q3 2024	22.40 %	15.53 %	11.24 %

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 %
Q3 2024	26.49 %	20.08 %	14.18 %

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
Q3 2024	120.00	11.93	10.50	30.69

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
Q3 2024	23.64	26.87	9.19

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
Q3 2024	1,373.12	870.66	509.38

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	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	398.39	463.50	16.34 %

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
U-Capital	452.90	463.50	2.3 %
Jefferies	415.00	463.50	11.7 %
SNB Capital	411.00	463.50	12.8 %
Sico	409.00	463.50	13.3 %
Al Rajhi Capital	407.00	463.50	13.9 %
AlJazira Capital	400.80	463.50	15.6 %
Goldman Sachs	397.20	463.50	16.7 %
Riyad Capital	390.00	463.50	18.8 %
YAQEEN	367.00	463.50	26.3 %
United Securities Company	334.00	463.50	38.8 %

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solutions 9M 2024 profit rises to SAR 1.27B; Q3 at SAR 463M

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)

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Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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solutions 9M 2024 profit rises to SAR 1.27B; Q3 at SAR 463M

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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Business Segments (Million)