Rasan earns SAR 30M in Q1 2025

30/04/2025 Argaam Exclusive

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Rasan Information Technology Co. generated a net profit of SAR 30 million in the first quarter of 2025, up from SAR 9.5 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Revenues	66.93	120.51	80.0 %
Gross Income	40.04	85.76	114.2 %
Operating Income	9.94	29.80	199.8 %
Net Income	9.47	30.00	216.7 %
Average Shares	70.50	77.51	9.9 %
Earnings Per Share before unusual items (Riyal)	0.13	0.39	188.1 %
EPS (Riyal)	0.13	0.39	188.1 %

Item	Q4 2024	Q1 2025	Change‬
Revenues	117.87	120.51	2.2 %
Gross Income	93.30	85.76	(8.1 %)
Operating Income	50.62	29.80	(41.1 %)
Net Income	39.79	30.00	(24.6 %)
Average Shares	75.80	77.51	2.3 %
Earnings Per Share before unusual items (Riyal)	0.64	0.39	(39.6 %)
EPS (Riyal)	0.52	0.39	(26.3 %)

The company cited an 80% leap year-on-year (YoY) in revenue, thanks to a rise in the number of policies sold, implying higher demand and improved effectiveness of the sales teams, as well as the acquisition of new customers, along with cross-selling and upselling initiatives.

Rasan also launched new channels and business lines, with new lines such as travel insurance, domestic worker insurance, and medical malpractice introduced, contributing to revenue growth.

Gross profit margins also expanded by 11.4 percentage point from 59.8% in Q1 2024 to 71.2% in Q1 2025.

Rasan’s earnings before interest, tax, depreciation and amortization (EBITDA) also surged by 148% YoY, on lower operating expenses, while other income saw an increase.

Compared to Q4 2024, Rasan’s net profit dropped by 24.6% from SAR 39.7 million, due to the company’s economic cycle and product offerings. Rasan also continued to develop new products, to be launched soon, while intensifying marketing campaigns for new offering.

Total shareholders’ equity, no minority interest, stood at SAR 450.47 million by March 31, 2025, down from SAR 135.53 million a year earlier.

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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	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	0.57	-	0.01	-	0.57	0.01
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	35.28	6068.9 %	0.50	4.43	30.86	0.44
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	15.50	-	0.22	-	15.50	0.22
Q4 2022	(0.78)	-	(0.01)	(2.53)	1.75	0.02
2022	34.41	(2.5 %)	0.49	(2.53)	36.94	0.52
Q1 2023	2.16	-	0.03	-	2.16	0.03
Q2 2023	5.44	-	0.08	-	5.44	0.08
Q3 2023	28.40	83.2 %	0.40	-	28.40	0.40
Q4 2023	9.95	1373.2 %	0.14	(8.46)	18.41	0.26
2023	45.95	33.5 %	0.65	(8.46)	54.41	0.77
Q1 2024	9.47	338.4 %	0.13	-	9.47	0.13
Q2 2024	8.82	62.1 %	0.12	-	8.82	0.12
Q3 2024	36.65	29.0 %	0.48	-	36.65	0.48
Q4 2024	39.79	299.9 %	0.52	(8.76)	48.55	0.64
2024	94.73	106.1 %	1.25	(8.76)	103.49	1.37
Q1 2025	30.00	216.7 %	0.39	-	30.00	0.39

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	0.57	-	0.01	-	0.57	0.01
2021	35.28	6068.9 %	0.50	4.43	30.86	0.44
2022	34.41	(2.5 %)	0.49	(2.53)	36.94	0.52
2023	45.95	33.5 %	0.65	(8.46)	54.41	0.77
2024	94.73	106.1 %	1.25	(8.76)	103.49	1.37

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	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	43.37	-	22.27	-	0.57	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	86.90	100.4 %	60.85	173.3 %	33.04	5728.9 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	41.81	-	28.56	-	16.74	-
Q4 2022	56.18	-	30.43	-	2.91	-
2022	162.49	87.0 %	101.90	67.5 %	41.77	26.4 %
Q1 2023	55.87	-	32.48	-	3.00	-
Q2 2023	52.26	-	29.96	-	6.47	-
Q3 2023	78.27	87.2 %	46.91	64.2 %	29.18	74.3 %
Q4 2023	69.85	24.3 %	39.04	28.3 %	20.35	598.6 %
2023	256.23	57.7 %	148.40	45.6 %	58.99	41.2 %
Q1 2024	66.93	19.8 %	40.04	23.3 %	9.94	231.2 %
Q2 2024	63.53	21.6 %	37.43	24.9 %	11.76	81.9 %
Q3 2024	110.00	40.5 %	67.37	43.6 %	35.30	21.0 %
Q4 2024	117.87	68.8 %	93.30	139.0 %	50.62	148.7 %
2024	358.33	39.8 %	238.14	60.5 %	107.61	82.4 %
Q1 2025	120.51	80.0 %	85.76	114.2 %	29.80	199.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	43.37	-	22.27	-	0.57	-
2021	86.90	100.4 %	60.85	173.3 %	33.04	5728.9 %
2022	162.49	87.0 %	101.90	67.5 %	41.77	26.4 %
2023	256.23	57.7 %	148.40	45.6 %	58.99	41.2 %
2024	358.33	39.8 %	238.14	60.5 %	107.61	82.4 %

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	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	51.34 %	11.97 %	1.32 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	70.02 %	45.00 %	35.51 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	62.71 %	31.50 %	22.73 %
Q1 2023	-	-	-
Q2 2023	58.92 %	-	12.06 %
Q3 2023	57.63 %	23.02 %	15.56 %
Q4 2023	57.91 %	28.23 %	21.24 %
2023	57.91 %	28.23 %	21.24 %
Q1 2024	58.34 %	30.63 %	23.09 %
Q2 2024	58.67 %	30.74 %	23.37 %
Q3 2024	59.26 %	29.62 %	23.64 %
Q4 2024	66.46 %	34.14 %	28.88 %
2024	66.46 %	34.14 %	28.88 %
Q1 2025	68.91 %	34.59 %	30.11 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	51.34 %	11.97 %	1.32 %
2021	70.02 %	45.00 %	35.51 %
2022	62.71 %	31.50 %	22.73 %
2023	57.91 %	28.23 %	21.24 %
2024	66.46 %	34.14 %	28.88 %

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	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	68.32 %	-	37.08 %
Q4 2022	54.17 %	13.47 %	3.12 %
Q1 2023	58.14 %	7.28 %	3.87 %
Q2 2023	57.34 %	22.22 %	10.41 %
Q3 2023	59.94 %	41.63 %	36.29 %
Q4 2023	55.90 %	34.46 %	26.36 %
Q1 2024	59.82 %	20.34 %	14.15 %
Q2 2024	58.93 %	24.19 %	13.88 %
Q3 2024	61.25 %	35.33 %	33.32 %
Q4 2024	79.15 %	46.24 %	41.19 %
Q1 2025	71.16 %	28.02 %	24.90 %

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	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	70.50	-	-	1.07
Q4 2022	70.50	-	-	1.06
Q1 2023	70.50	-	-	1.08
Q2 2023	70.50	0.32	0.35	1.17
Q3 2023	70.50	0.50	0.54	1.57
Q4 2023	70.50	0.65	0.77	1.72
Q1 2024	70.50	0.76	0.88	1.92
Q2 2024	75.80	0.75	0.86	4.41
Q3 2024	75.80	0.86	0.97	4.90
Q4 2024	75.80	1.25	1.37	5.47
Q1 2025	77.51	1.49	1.60	5.81

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	70.50	0.01	0.01	(0.25)
2021	70.50	0.50	0.44	0.57
2022	70.50	0.49	0.52	1.06
2023	70.50	0.65	0.77	1.72
2024	75.80	1.25	1.37	5.47

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	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	93.05	80.95	15.78
Q3 2024	75.13	66.47	13.14
Q4 2024	70.70	64.71	16.14
Q1 2025	55.08	51.19	14.09

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-
2024	70.70	64.71	16.14

Business Segments (Million)

Compared With The

Period	Tameeni - Vehicles	Insurance - Health	Leased	Other segments
Q4 2022	33.06	11.33	10.61	1.18
Q1 2023	30.95	11.54	12.23	1.14
Q2 2023	27.74	10.26	13.32	0.93
Q3 2023	54.86	8.95	13.40	1.06
Q4 2023	47.06	7.48	14.28	1.03
Q1 2024	39.38	8.32	18.12	1.12
Q2 2024	34.39	10.79	17.43	0.92
Q3 2024	67.11	13.81	28.09	0.99
Q4 2024	56.52	15.38	43.97	2.00
Q1 2025	59.31	14.76	44.47	1.97

Period	Tameeni - Vehicles	Insurance - Health	Leased	Other segments
2020	40.37	1.35	0.32	1.33
2021	63.31	5.49	16.96	1.14
2022	99.69	27.96	32.79	2.06
2023	160.61	38.22	53.24	4.16
2024	197.39	48.30	107.61	5.03

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	27.00	30.00	11.12 %

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
Al Rajhi Capital	27.00	30.00	10.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,681.37
Enterprise Value (EV) (M)	6,153.69
Shares Outstanding ((M))	77.51
EPS ( Riyal) (TTM)	1.49
Book Value (BV) ( Riyal)	5.81
Par Value ( Riyal)	1.00
Recurring P/E	53.87
P/E (TTM)	57.97
Price/book	14.83
Return on Average Assets (%) (TTM)	17.2
Return on Average Equity (%) (TTM)	39.3
EV/adj EBITDA	43.57
EV/Revenues	15.07

Rasan Information Technology Co. (RASAN)

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Rasan earns SAR 30M in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (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 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Rasan Information Technology Co. (RASAN)

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Rasan earns SAR 30M in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2025

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Rasan Information Technology Co. (RASAN)

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Business Segments (Million)