Perfect Presentation “2P” sustains growth momentum in 9M23

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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 nine-month period ending on 30 September 2023 (“9M23”), reporting continued growth for both revenues and net profit. The solid revenue performance is primarily due to Software Development, which increased substantially by 65% year-on-year (“YoY”) and contributed 34% to the total, and Operation and Maintenance, which grew 15% YoY and contributed 33% to the Company’s consolidated revenues.

Financial overview

Revenues increased 16% YoY, from SAR 639 million, to SAR 742 million in 9M23, due to the sustained improvement in Software Development and Operation & Maintenance segments during the period, and partly supported by the launch of managed services earlier this year.

EBITDA amounted to SAR 120 million in 9M23, thus increasing 12% YoY, when compared to SAR 107 million in 9M22, which was supported by the growth in revenues during the period. This translated to an EBITDA Margin of 16.2% in 9M23.

Net Profit increased 6% YoY from SAR 85 million in 9M22 to SAR 91 million, which was primarily the result of the enhanced revenue performance during the period.

Backlog reached SAR 1.5 billion as of 30 September 2023, compared to SAR 1.7 billion at the end of 2022, and the company continued to reinforce its position in the market, in addition to maintaining solid relationships with key business partners in both the public and private sectors.

Read the full report here.

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About 2P

Established as a private company in Riyadh in 2004, Perfect Presentation (2P) set out to innovate cutting-edge communications technology and software solutions. Underpinned by a strategic focus on the in-house development of technical and digital transformation services, 2P rapidly established itself as a leading, trusted provider of comprehensive, integrated information and communication technology (ICT) services. 2P provides a wide range of comprehensive ICT services and solutions to its clients through three integrated business units: the Software Development Unit, Operation and Maintenance Unit, and Customer Experience Unit. The Business Units operate in an interconnected and robust environment to provide comprehensive and integrated solutions with the highest quality and excellence standards. The company is listed on Saudi Exchange (Tadawul) under the ticker 7204: Perfect Presentation for Commercial Services Co.

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