Elm Co. reported a net profit of SAR 322 million in Q1 2023, an increase of 29% from SAR 250 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 1,092.01 | 1,288.16 | 18.0 % |
| Gross Income | 439.54 | 544.46 | 23.9 % |
| Operating Income | 269.81 | 320.32 | 18.7 % |
| Net Income | 249.64 | 322.00 | 29.0 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 3.12 | 4.03 | 29.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 1,307.91 | 1,288.16 | (1.5 %) |
| Gross Income | 547.65 | 544.46 | (0.6 %) |
| Operating Income | 227.31 | 320.32 | 40.9 % |
| Net Income | 212.33 | 322.00 | 51.6 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.65 | 4.03 | 51.6 % |
The increase was driven by a 17.96% rise year-on-year (YoY) in revenue, which led to a 21.31% higher gross profit YoY.
Higher revenue resulted from a 47.44% surge in digital business. However, business process outsourcing and professional services revenues were down 28.35% and 12.22% YoY, respectively.
On a quarterly basis, net earnings jumped by 51.6% from SAR 212.33 million in Q4 2022, spurred by lower operating expenses, a decline in expected credit loss expenses and a fall in general and administration expenses.
Total shareholders’ equity, no minority interest, stood at SAR 3.14 billion as of March 31, 2023, compared to SAR 2.75 billion a year earlier.
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