Perfect Presentation “2P” achieves sustained growth in revenues, along with an improvement in profitability

Perfect Presentation “2P” achieves sustained growth in revenues, along with an improvement in profitability

Riyadh, Saudi Arabia: Perfect Presentation for Commercial Services Co. (“2P” or the “Company”, 7204 on the Saudi Exchange), a leading ICT solutions provider in Saudi Arabia, has announced its financial results for the first quarter ending on 31 March 2023 (“1Q23”), reporting sustained improvement in both revenues and net profit. The solid revenue performance is attributed to Software Development, which increased 92% year-on-year (“YoY”) and contributed 35% to the total and Operation and Maintenance, which grew 20% YoY and contributed 36% to the Company’s consolidated revenues.

Financial overview

Revenues increased 16% YoY, from SAR 193 million, to SAR 225 million in 1Q23, as a result of sustained growth of Software Development and Operation & Maintenance segments during the period.

EBITDA amounted to SAR 31 million in 1Q23, thus increasing 25% YoY, when compared to SAR 25 million in 1Q22. This was primarily due to the improvement in the topline performance, which has outpaced the marginal rise in selling, general, and administrative expenses. This translated to an increase in EBITDA Margin from 12.7% to 13.7% in 1Q23.

Net Profit increased 19% YoY from SAR 22 million in 1Q22 to SAR 26 million, which was predominantly due to the solid growth in revenues during the period.

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