Financial Results : Elm’s H1 2022 net profit jumps 59% to SAR 444 mln; Q2 at SAR 195 mln

Elm’s H1 2022 net profit jumps 59% to SAR 444 mln; Q2 at SAR 195 mln

07/08/2022 Argaam Exclusive

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Elm Co. reported a net profit after Zakat and tax of SAR 444 million for the first half of 2022, a leap of 59% from SAR 279 million in the same period last year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,791.42 2,130.78 18.9 %
Gross Income 581.39 852.40 46.6 %
Operating Income 302.92 508.66 67.9 %
Net Income 279.02 444.50 59.3 %
Average Shares 80.00 80.00 -
EPS (Riyals) 3.49 5.56 59.3 %

The increase in net profit was attributed to an 18.9% rise (SAR 339 million) year-on-year (YoY) in revenue, which drove gross profit higher by 35.9%, or SAR 209 million.

 

The improved revenue was backed by an increase of 29.5% and 82.9% YoY, respectively, in digital business and professional services. However, this was partially offset by an annual 1.8% decrease in business process outsourcing. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 1,017.79 1,038.77 2.1 %
Gross Income 305.93 412.86 35.0 %
Operating Income 134.39 238.86 77.7 %
Net Income 110.15 194.85 76.9 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.38 2.44 76.9 %

In Q2 2022, net profit after Zakat and tax surged 77% to SAR 195 million from SAR 110.15 million in the prior-year period.

 

Compared to Q1 2022, net profit dropped 21.9% from SAR 249.64 million.

 

Total shareholders’ equity, after minority interest, rose to SAR 2.721 billion as of June 30, 2022, from SAR 2.513 billion a year earlier.

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