Elm net profit rises 57% to SAR 718 mln in 9M 2022; Q3 at SAR 273 mln

06/11/2022 Argaam Exclusive

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Elm Co. reported a net profit after Zakat and tax of SAR 718 million in the first nine months of 2022, a 57% increase compared to SAR 456.6 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	2,758.20	3,298.19	19.6 %
Gross Income	908.71	1,338.21	47.3 %
Operating Income	499.23	781.54	56.6 %
Net Income	456.62	717.86	57.2 %
Average Shares	80.00	80.00	-
EPS (Riyals)	5.71	8.97	57.2 %

The profit increase was driven by 41.14% rise in digital business revenue, a 65.65% surge in professional services revenue, which was partially offset by decrease in business process outsourcing revenue by 11.92%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	966.78	1,167.42	20.8 %
Gross Income	327.32	485.81	48.4 %
Operating Income	196.31	272.88	39.0 %
Net Income	177.60	273.36	53.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.22	3.42	53.9 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	1,038.77	1,167.42	12.4 %
Gross Income	412.86	485.81	17.7 %
Operating Income	238.86	272.88	14.2 %
Net Income	194.85	273.36	40.3 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.44	3.42	40.3 %

In Q3 2022, the net profit after Zakat and tax saw a 54% increase to SAR 273 million, from SAR 178 million in the year before.

Sequentially the company’s net profit rose 40% from SAR 195 million in Q2 2022.

Shareholders’ equity, excluding minority interest, grew to SAR 2.884 billion as of Sept. 30, 2022, from SAR 2.691 billion in the year-earlier period.

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