Elm Co. reported a net profit of SAR 345 million in Q1 2024, an increase of 7% from SAR 322 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,288.16 | 1,639.01 | 27.2 % |
| Gross Income | 544.46 | 626.48 | 15.1 % |
| Operating Income | 320.32 | 334.38 | 4.4 % |
| Net Income | 322.40 | 344.78 | 6.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 4.03 | 4.31 | 6.9 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,685.37 | 1,639.01 | (2.8 %) |
| Gross Income | 629.14 | 626.48 | (0.4 %) |
| Operating Income | 330.09 | 334.38 | 1.3 % |
| Net Income | 327.00 | 344.78 | 5.4 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 4.09 | 4.31 | 5.4 % |
Revenue increased by 27.25% (SAR 351 million) year-on-year (YoY), driven by a rise in digital business revenue by 20.62% and growth in business process outsourcing revenue by 56.43%, which were offset by a 18.42% decrease in professional services revenue.
Furthermore, income from Murabaha deposit increased by SAR 13 million compared with a year earlier.
Meanwhile, operating expenses rose by 30.36% (SAR 68 million), as a result of an increase in the general and administration expenses by SAR 26 million, a rise in the selling and marketing expenses by SAR 18 million, growth in depreciation and amortization expenses by SAR 17 million, and an increase in expected credit losses by SAR 8 million.
On a quarterly basis, net earnings rose by 5.5% from SAR 327 million in Q4 2023.
Total shareholders’ equity, no minority interest, stood at SAR 4.04 billion as of March 31, 2024, compared to SAR 3.14 billion a year earlier.
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