Elm net profit rises 46% to SAR 1.35B in 2023, Q4 at SAR 326.6M

10/03/2024 Argaam Exclusive

View other reports

Elm Co. reported a net profit of SAR 1.35 billion in 2023, up 46% from SAR 930 million a year earlier

Financials (M)

Item	2022	2023	Change‬
Revenues	4,606.10	5,898.36	28.1 %
Gross Income	1,885.86	2,351.05	24.7 %
Operating Income	1,008.85	1,350.58	33.9 %
Net Income	930.19	1,356.23	45.8 %
Average Shares	80.00	80.00	-
EPS (Riyals)	11.63	16.95	45.8 %

This was fuelled by a 28.05% increase year-on-year (YoY) in revenue and a 24.66% annual rise in gross profit.

On the other hand, operating expenses increased by 9.53% YoY due to higher general and administrative expenses, and increased selling and marketing costs. Further, depreciation and amortization expenses rose by SAR 30 million, offset by a decrease in expected credit loss expenses and lower impairment of non-current assets.

Additionally, income from Murabaha deposit increased by SAR 87 million YoY, offset by a SAR 24 million YoY increase in Zakat expense.

The company's Q4 2023 net earnings jumped by 54% to SAR 326.6 million, from SAR 212.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,307.91	1,685.37	28.9 %
Gross Income	547.65	629.14	14.9 %
Operating Income	227.31	330.09	45.2 %
Net Income	212.33	326.81	53.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.65	4.09	53.9 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	1,521.00	1,685.37	10.8 %
Gross Income	575.47	629.14	9.3 %
Operating Income	322.96	330.09	2.2 %
Net Income	334.25	326.81	(2.2 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	4.18	4.09	(2.2 %)

On a sequential basis, net earnings fell 2.3% from SAR 334.2 million.

Total Shareholders’ equity, no minority interest, rose to SAR 3.99 billion as of December 31, 2023, compared to SAR 3.04 billion a year earlier.

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×