Financial Results : Elm’s Q1 2023 net profit up 29% to SAR 322 mln

Elm’s Q1 2023 net profit up 29% to SAR 322 mln

14/05/2023 Argaam Exclusive

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Elm Co. reported a net profit of SAR 322 million in Q1 2023, an increase of 29% from SAR 250 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,092.01 1,288.16 18.0 %
Gross Income 439.54 544.46 23.9 %
Operating Income 269.81 320.32 18.7 %
Net Income 249.64 322.40 29.1 %
Average Shares 80.00 80.00 -
EPS (Riyals) 3.12 4.03 29.1 %

The increase was driven by a 17.96% rise year-on-year (YoY) in revenue, which led to a 21.31% higher gross profit YoY.

 

Higher revenue resulted from a 47.44% surge in digital business. However, business process outsourcing and professional services revenues were down 28.35%  and 12.22% YoY, respectively.


On a quarterly basis, net earnings jumped by 51.6% from SAR 212.33 million in Q4 2022, spurred by lower operating expenses, a decline in expected credit loss expenses and a fall in general and administration expenses.

 

Total shareholders’ equity, no minority interest, stood at SAR 3.14 billion as of March 31, 2023, compared to SAR 2.75 billion a year earlier.   

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