Elm net profit rises 35% to SAR 1.82B in 2024; Q4 at SAR 497M

Elm Co. reported a net profit of SAR 1.82 billion in 2024, up 35% from SAR 1.35 billion a year earlier

In 2024, the digital business revenues leapt by 28.53% year-on-year (YoY), with the business process outsourcing revenues also jumping by 20.69% YoY. However, they were offset by a 6.71% YoY decrease in professional services revenues.

Other income also increased by SAR 76 million by the end of 2024. This came as fair value gains through profit/loss grew by SAR 50 million, compared with the year earlier. In addition, the share of losses from associates shrank by SAR 10 million.

However, for the same year, operating expenses increased by 35.17% (SAR 345 million), and expected credit losses expenses rose by SAR 51 million. Impairment of non-current assets also added SAR 15 million by year-end.

The company's Q4 2024 net earnings jumped by 52% to SAR 497 million, from SAR 327 million in the same period a year ago.

On a sequential basis, however, the bottom line fell 0.2% from SAR 498.24 million in Q3 2024.

Total shareholders’ equity, no minority interest, rose to SAR 5.29 billion as of Dec. 31, 2024, compared to SAR 3.99 billion a year earlier.

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