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Perfect Presentation for Commercial Services Co. (2P) announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 268,603,209 | 270,319,314 | -0.634 | 287,138,411 | -6.455 |
| Gross Profit (Loss) | 59,073,305 | 57,587,545 | 2.58 | 53,600,860 | 10.209 |
| Operational Profit (Loss) | 41,735,656 | 45,756,790 | -8.788 | 41,301,530 | 1.051 |
| Net profit (Loss) | 36,946,160 | 34,649,964 | 6.626 | 58,773,926 | -37.138 |
| Total Comprehensive Income | 35,308,441 | 34,114,271 | 3.5 | 58,814,739 | -39.966 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 775,232,743 | 741,766,151 | 4.511 |
| Gross Profit (Loss) | 167,464,352 | 155,069,338 | 7.993 |
| Operational Profit (Loss) | 125,084,207 | 122,449,951 | 2.151 |
| Net profit (Loss) | 125,401,105 | 95,941,892 | 30.705 |
| Total Comprehensive Income | 123,075,668 | 95,719,685 | 28.579 |
| Total Shareholders Equity (after Deducting Minority Equity) | 505,099,487 | 349,319,196 | 44.595 |
| Profit (Loss) per Share | 0.42 | 0.32 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenues decreased in the current quarter compared to the same quarter of the previous year due to the completion of implementation in a number of projects during this quarter in the customer experience, and software development portfolios. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit in the third quarter of 2024 increased by 6.6%, reaching 37 million Saudi riyals, compared to 34 million Saudi riyals in the same quarter of the previous year, which is due to the performance of the software development, and the managed services sectors, in addition to the capital gains recorded against compensation for the demolition of the second building located in the Al-Khuzama neighborhood. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenues decreased in the current quarter compared to the previous quarter due to the completion of implementation in a number of projects during this quarter in the customer experience and software development portfolios. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit decreased in the current quarter compared to the previous quarter due to the following: 1- Capital gains of 26 million riyals were recorded in the previous quarter to compensate for the expropriation of the first property, while capital gains of only 6 million were recorded for this quarter as a result of the compensation for the expropriation of the second property, with an allowance for capital losses resulting from the disposal of assets and properties damaged by the fire accident this quarter. 2- The company recorded a provision for expected credit losses this quarter of 8.7 million riyals, while it recorded 3.2 million riyals for the same item in the previous quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenues increased by 4.5%, reaching 775 million Saudi riyals during the period, compared to 741 million Saudi riyals for the same period of the previous year, supported by continued growth in business sectors in addition to the operation of the cybersecurity sector at the beginning of 2024. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit in 2024 increased by 30.7%, reaching 125.4 million Saudi riyals, compared to 95.9 million Saudi riyals in the same period of the previous year, due to the following reasons: Revenues: Revenues increased by 4.5%, reaching 775 million Saudi riyals during the period, compared to 741 million Saudi riyals for the same period of the previous year, supported by continued growth in all business sectors in addition to the operation of the cybersecurity sector at the beginning of 2024. Capital gains recorded In 2024, for compensation against its expropriated properties. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | The management has adjusted the comparative figures as at September 30, 2023 and for the three-month period then ended in order to correct some accounting errors. The note below explains the details of the adjustments and the impact on the line items of statement of financial position. statement of profit or loss and other comprehensive income, and statement of cash flows. A) The management has incurred costs related to research and development of software programs and systems for the purpose of using it or selling it as “Software licenses and development services” products, during this period the management has recognized development costs as cost of sales & general and administration expenses not in line with the requirements of IAS (38) Intangible assets. Accordingly, the Management has restated its comparative figure to recognize these costs as Intangible assets. B) The company didn’t capitalize accrued costs amounting to S.R 16M, related to the development of some programs and systems. C) Management has re-presented and classified financing costs in the statement of cash flows to be consistent with the current year’s presentation. |
| Additional Information | Recording the financial impact of the capital gains resulting from the compensation for the expropriation of real estate in the Al-Khuzami and Diriyah neighborhoods for the second building for which the corresponding compensation value was received in the third quarter of the year 2024, in addition to the capital losses resulting from the disposal of the assets damaged by the fire that occurred at the company’s headquarters in Qairouan, and once the insurance claim collected it will be recorded as other revenues |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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