Elm Q1 2024 profit up 7% to SAR 345M

Elm Co. reported a net profit of SAR 345 million in Q1 2024, an increase of 7% from SAR 322 million in the year-earlier period.

Revenue increased by 27.25% (SAR 351 million) year-on-year (YoY), driven by a rise in digital business revenue by 20.62% and growth in business process outsourcing revenue by 56.43%, which were offset by a 18.42% decrease in professional services revenue.

Furthermore, income from Murabaha deposit increased by SAR 13 million compared with a year earlier.

Meanwhile, operating expenses rose by 30.36% (SAR 68 million), as a result of an increase in the general and administration expenses by SAR 26 million, a rise in the selling and marketing expenses by SAR 18 million, growth in depreciation and amortization expenses by SAR 17 million, and an increase in expected credit losses by SAR 8 million.

On a quarterly basis, net earnings rose by 5.5% from SAR 327 million in Q4 2023.

Total shareholders’ equity, no minority interest, stood at SAR 4.04 billion as of March 31, 2024, compared to SAR 3.14 billion a year earlier.

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