Financial Results : 2P posts 9% rise in Q1 2025 earnings to SAR 32.3M

2P posts 9% rise in Q1 2025 earnings to SAR 32.3M

08/05/2025 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) posted a net profit of SAR 32.3 million in Q1 2025, up 9% from SAR 29.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 219.49 289.44 31.9 %
Gross Income 54.79 62.96 14.9 %
Operating Income 41.87 41.70 (0.4 %)
Net Income 29.68 32.29 8.8 %
Average Shares 300.00 300.00 -
Earnings Per Share before unusual items (Riyal) 0.10 0.11 8.8 %
EPS (Riyal) 0.10 0.11 8.8 %

Revenue from most business lines increased. Call center services revenue rose to SAR 90 million in Q1 2025, while revenue from operation and maintenance services grew to SAR 98 million.

 

Software licenses and development segment also saw a rise in revenue to SAR 74 million, and managed services revenue went up to SAR 23 million. Further, revenue from cybersecurity services increased to SAR 3 million in the first quarter.

 

Finance costs declined to SAR 7.7 million, compared to SAR 10.8 million a year before.

 

On a quarterly basis, net earnings dropped 14.9% from SAR 37.93 million in Q4 2024, hurt mainly by lower revenue.

 

Total shareholders’ equity, no minority interest, rose to SAR 577.71 million as of March 31, 2025, from SAR 410.97 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %)
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 %
Q1 2025 289.44 31.9 % 62.96 14.9 % 41.70 (0.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 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
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
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
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
Q1 2025 32.29 8.8 % 0.11 - 32.29 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 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 %
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 %
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 %
Q1 2025 22.71 % 15.57 % 10.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2025 300.00 0.55 0.41 1.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2025 24.59 32.95 7.06

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
Q1 2025 90.20 98.28 74.01 23.74 3.22

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 28.20 32.29 14.49 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
AlJazira Capital 31.40 32.29 2.7 %
Al Rajhi Capital 25.00 32.29 22.6 %


Financial Ratios
Current
Market Cap (M Riyal) 3,504.00
Enterprise Value (EV) (M) 3,915.35
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.55
Book Value (BV) ( Riyal) 1.93
Par Value ( Riyal) 1.00
Recurring P/E 28.29
P/E (TTM) 21.12
Price/book 6.07
Return on Average Assets (%) (TTM) 12.6
Return on Average Equity (%) (TTM) 33.6
EV/adj EBITDA 21.39
EV/Revenues 3.33
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Share Price

Perfect Presentation for Commercial Services Co.
11.68
0.01 0.09 %

Perfect Presentation for Commercial Services Co. (2P)

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