2P profit falls to SAR 100.1M in 9M 2025; Q3 at SAR 32.8M

10/11/2025 Argaam Exclusive

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Perfect Presentation for Commercial Services Co. (2P) reported a 20.2% profit fall in the first nine months of 2025 to SAR 100.1 million from SAR 125.4 million a year earlier.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Revenues	775.23	875.62	12.9 %
Gross Income	167.46	187.01	11.7 %
Operating Income	125.08	133.12	6.4 %
Net Income	125.40	100.10	(20.2 %)
Average Shares	300.00	300.00	-
Earnings Per Share before unusual items (Riyals)	0.31	0.33	9.2 %
EPS (Riyal)	0.42	0.33	(20.2 %)

The company recorded non-recurring capital gains of SAR 32 million in the nine-month period of 2024, resulting from compensation for property expropriation in Diriyah.

Revenues increased across most business lines, with the contact center segment seeing a rise to SAR 275 million for the first nine months of 2025. Similarly, revenues in the operations and maintenance segment increased to SAR 321 million. The cybersecurity segment also saw growth of SAR 12 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Revenues	268.60	287.72	7.1 %
Gross Income	59.07	61.97	4.9 %
Operating Income	41.74	46.53	11.5 %
Net Income	36.95	32.78	(11.3 %)
Average Shares	300.00	300.00	-
Earnings Per Share before unusual items (Riyal)	0.10	0.11	11.3 %
EPS (Riyal)	0.12	0.11	(11.3 %)

Item	Q2 2025	Q3 2025	Change‬
Revenues	298.46	287.72	(3.6 %)
Gross Income	62.09	61.97	(0.2 %)
Operating Income	44.44	46.53	4.7 %
Net Income	35.03	32.78	(6.4 %)
Average Shares	300.00	300.00	-
Earnings Per Share before unusual items (Riyal)	0.12	0.11	(6.4 %)
EPS (Riyal)	0.12	0.11	(6.4 %)

In Q3 2025, net profit declined 11.3% year-on-year (YoY) to SAR 32.8 million, from SAR 36.9 million in Q3 2024.

On a quarterly basis, net profit fell 6.4% from SAR 35.03 million in Q2 2025.

Total shareholders’ equity, no minority interest, rose to SAR 638.73 million by Sept. 30, 2025, from SAR 505.09 million in a prior-year period.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
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	-
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
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 %
2022	927.17	41.4 %	199.38	71.9 %	159.23	84.6 %
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 %)
2023	1,129.67	21.8 %	210.41	5.5 %	165.02	3.6 %
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 %	41.74	(7.5 %)
Q4 2024	295.80	(23.7 %)	83.46	50.8 %	46.35	6.1 %
2024	1,071.03	(5.2 %)	250.92	19.3 %	169.18	2.5 %
Q1 2025	289.44	31.9 %	62.96	14.9 %	41.70	(0.4 %)
Q2 2025	298.46	3.9 %	62.09	15.8 %	44.44	8.8 %
Q3 2025	287.72	7.1 %	61.97	4.9 %	46.53	11.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	180.23	-	28.59	-	14.27	-
2019	298.10	65.4 %	54.73	91.4 %	24.74	73.4 %
2020	482.48	61.8 %	91.02	66.3 %	63.12	155.1 %
2021	655.48	35.9 %	116.01	27.4 %	86.24	36.6 %
2022	927.17	41.4 %	199.38	71.9 %	159.23	84.6 %
2023	1,129.67	21.8 %	210.41	5.5 %	165.02	3.6 %
2024	1,071.03	(5.2 %)	250.92	19.3 %	169.18	2.5 %

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	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	23.01	31.3 %	0.08	-	23.01	0.08
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	64.37	179.8 %	0.21	-	64.37	0.21
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
2021	80.62	25.2 %	0.27	-	80.62	0.27
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
2022	131.46	63.1 %	0.44	-	131.46	0.44
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
2023	129.29	(1.6 %)	0.43	4.43	124.86	0.42
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
2024	163.34	26.3 %	0.54	42.10	121.23	0.40
Q1 2025	32.29	8.8 %	0.11	-	32.29	0.11
Q2 2025	35.03	(40.4 %)	0.12	-	35.03	0.12
Q3 2025	32.78	(11.3 %)	0.11	-	32.78	0.11

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	17.52	-	0.06	-	17.52	0.06
2019	23.01	31.3 %	0.08	-	23.01	0.08
2020	64.37	179.8 %	0.21	-	64.37	0.21
2021	80.62	25.2 %	0.27	-	80.62	0.27
2022	131.46	63.1 %	0.44	-	131.46	0.44
2023	129.29	(1.6 %)	0.43	4.43	124.86	0.42
2024	163.34	26.3 %	0.54	42.10	121.23	0.40

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	15.87 %	9.42 %	9.72 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	18.36 %	9.05 %	7.72 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	18.87 %	13.58 %	13.34 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	17.70 %	13.60 %	12.30 %
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 %
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 %
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 %	14.99 %	10.36 %
Q4 2024	23.43 %	16.63 %	11.32 %
2024	23.43 %	16.48 %	11.32 %
Q1 2025	22.71 %	15.72 %	10.85 %
Q2 2025	23.22 %	16.01 %	10.97 %
Q3 2025	23.09 %	-	11.07 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	15.87 %	9.42 %	9.72 %
2019	18.36 %	9.05 %	7.72 %
2020	18.87 %	13.58 %	13.34 %
2021	17.70 %	13.60 %	12.30 %
2022	21.50 %	17.64 %	14.18 %
2023	18.63 %	15.02 %	11.05 %
2024	23.43 %	16.48 %	11.32 %

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	17.94 %	12.82 %	11.66 %
Q2 2021	11.52 %	6.74 %	4.84 %
Q3 2021	19.98 %	12.02 %	10.93 %
Q4 2021	19.81 %	19.41 %	18.26 %
Q1 2022	18.14 %	14.68 %	11.41 %
Q2 2022	18.26 %	15.75 %	12.89 %
Q3 2022	23.89 %	19.61 %	15.56 %
Q4 2022	24.72 %	19.79 %	16.11 %
Q1 2023	19.47 %	16.28 %	12.70 %
Q2 2023	21.78 %	16.88 %	13.28 %
Q3 2023	21.30 %	17.12 %	12.82 %
Q4 2023	14.27 %	11.66 %	7.46 %
Q1 2024	24.96 %	19.78 %	13.52 %
Q2 2024	18.67 %	14.77 %	11.31 %
Q3 2024	21.99 %	16.12 %	10.97 %
Q4 2024	28.22 %	16.56 %	10.01 %
Q1 2025	21.75 %	15.42 %	11.16 %
Q2 2025	20.80 %	15.93 %	11.74 %
Q3 2025	21.54 %	-	11.39 %

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
Q2 2025	300.00	0.47	0.42	2.02
Q3 2025	300.00	0.46	0.43	2.13

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	300.00	0.06	0.06	0.16
2019	300.00	0.08	0.08	0.24
2020	300.00	0.21	0.21	0.37
2021	300.00	0.27	0.27	0.53
2022	300.00	0.44	0.44	0.85
2023	300.00	0.43	0.42	1.27
2024	300.00	0.54	0.40	1.82

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring 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
Q2 2025	23.84	26.82	5.58
Q3 2025	24.12	25.67	5.21

Period	P/E	Recurring P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	19.99	19.99	10.36
2023	28.47	29.48	9.64
2024	25.79	34.74	7.73

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
Q2 2025	91.60	115.28	63.91	25.21	2.46

Period	Call Center services	Operation and maintenance services	Software licenses and development services (SWD)	Managed Business Services	Cybersecurity services
2019	107.41	114.94	75.75	-	-
2020	231.18	134.49	116.80	-	-
2021	301.67	212.47	141.34	-	-
2022	344.02	353.91	229.24	-	-
2023	304.46	381.40	416.57	27.24	-
2024	298.02	344.22	294.30	105.01	29.48

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	38.50	32.78

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
AlJazira Capital	38.50	32.78

Financial Ratios

	Current
Market Cap (M Riyal)	2,960.10
Enterprise Value (EV) (M Riyal)	3,478.34
Shares Outstanding ((M))	330.00
EPS ( Riyal) (TTM)	0.46
Book Value (BV) ( Riyal)	2.13
Par Value ( Riyal)	1.00
Recurring P/E	22.82
P/E (TTM)	21.44
Price/book	4.63
Return on Average Assets (%) (TTM)	9.3
Return on Average Equity (%) (TTM)	24.1
EV/adj EBITDA	-
EV/Revenues	2.97

Perfect Presentation for Commercial Services Co. (2P)

Company	Estimated	Actual
SMASCO	36.95	40.60
THEEB	49.82	50.17
FLYNAS	151.33	120.22
SGS	100.45	101.50
2P	38.50	32.78
BINDAWOOD	37.24	40.20
DAR ALARKAN	187.00	255.60
MBC GROUP	10.60	98.03
TASNEE	(10.58)	(558.50)
TANMIAH	1.10	(15.80)

Company	Estimated	Actual
SMASCO	36.95	40.60
THEEB	49.82	50.17
FLYNAS	151.33	86.92
SGS	100.45	101.50
2P	38.50	32.78
BINDAWOOD	37.24	40.20
DAR ALARKAN	187.00	255.60
MBC GROUP	10.60	98.03
TASNEE	(10.58)	(191.50)
TANMIAH	1.10	(15.80)

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2P profit falls to SAR 100.1M in 9M 2025; Q3 at SAR 32.8M

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Financials (M)

Current Quarter Comparison (M)

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) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Perfect Presentation for Commercial Services Co. (2P)

Quarterly Actuals vs Estimates

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2P profit falls to SAR 100.1M in 9M 2025; Q3 at SAR 32.8M

View other reports

Financials (M)

Current Quarter Comparison (M)

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 2025

Revenue by Business Segment (Latest) 2025 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Perfect Presentation for Commercial Services Co. (2P)

Quarterly Actuals vs Estimates

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رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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Business Segments (Million)