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 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	1,092.01	1,038.77	(4.9 %)
Gross Income	439.54	412.86	(6.1 %)
Operating Income	269.81	238.86	(11.5 %)
Net Income	249.64	194.85	(21.9 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	3.12	2.44	(21.9 %)

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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