Elm’s net profit jumps 85% to SAR 567 mln in 2021; Q4 dips 16% to SAR 110.4 mln

13/03/2022 Argaam Exclusive

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Elm Co. reported a net profit after Zakat and tax of SAR 567 million for 2021, a rise of 85% from SAR 306.6 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Revenues	2,466.07	3,827.65	55.2 %
Gross Income	837.00	1,322.91	58.1 %
Operating Income	355.61	614.60	72.8 %
Net Income	306.58	566.89	84.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	3.83	7.09	84.9 %

The company attributed the rise in net profit to higher revenue, which was driven by an increase in digital solutions, business process outsourcing, and professional services.

The profit increase was partially offset by higher operating expenses due to an increase in selling and marketing costs, along with a rise in expected credit losses, and general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	918.42	1,069.45	16.4 %
Gross Income	375.03	414.21	10.4 %
Operating Income	191.93	115.37	(39.9 %)
Net Income	132.04	110.27	(16.5 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.65	1.38	(16.5 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	966.78	1,069.45	10.6 %
Gross Income	327.32	414.21	26.5 %
Operating Income	196.31	115.37	(41.2 %)
Net Income	177.60	110.27	(37.9 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	2.22	1.38	(37.9 %)

The fourth-quarter net profit after Zakat and tax slipped 16% year-on-year (YoY) to SAR 110.4 million.

On a sequential basis, net profit slumped 37.9% from SAR 177.6 million.

Shareholders’ equity, after minority interest, increased to SAR 2.81 billion as of Dec. 31, 2021 from SAR 2.23 billion a year earlier.

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