2P Achieves First Quarter Profit Growth of 4% to 29.6 Million Riyals

The net profit of Perfect Presentation for Commercial Services Company surged to 29.6 million riyals during the first quarter of 2024, marking a 3.8% increase compared to 28.5 million riyals in the corresponding quarter of the previous year. This growth was announced today alongside the estimated financial results for the period ending on March 31, 2024 (3 months).

Operating profit soared to 42 million riyals in the first quarter, compared to 35.6 million riyals in the same quarter of the previous year, representing a substantial 18% increase.

Earnings per share for the current period reached 0.2 riyals, compared to 0.19 riyals in the corresponding period last year.

Revenue experienced a slight decline of 2.8%, reaching SAR 219 million, down from SAR 225 million due to the completion of certain projects before the onset of 2024.

Perfect Presentation for Commercial Services Co. (2P) reported a net profit increase of 4.9% to SAR 29 million in 1Q24, compared to SAR 28 million in 1Q23. This growth can be attributed to the initiation of new projects, particularly in the Customer Experience and Managed Service portfolios.

Gross Profit surged by 25% to SAR 54 million, primarily due to the commencement of new projects, leading to a Gross Profit Margin of 24.96%, compared to 19.47% in 1Q23.

Operating Profit witnessed a robust 17% increase to SAR 42 million in 1Q24, outstripping the marginal rise in selling, general, and administrative expenses.

Revenue experienced a notable decrease from SAR 387 million in 4Q23 to SAR 219 million in 1Q24.

However, 2P recorded a decline in net profit to SAR 29 million in 1Q24, down from SAR 41 million in 4Q23, attributed to seasonal factors inherent in the Company’s operations.

The reasons for the changes in net profit are as follows:

• Revenue decreased from SAR 387 million in 4Q23 to SAR 219 million in 1Q24.

• Gross Profit declined by 11% from SAR 61 million in 4Q23 to SAR 54 million in 1Q23.