Elm 9M 2024 profit leaps 29% to SAR 1.32B; Q3 at SAR 498M

Elm Co. reported a net profit of SAR 1.32 billion in the first nine months of 2024, leaping 29% from SAR 1.02 billion a year earlier.

Revenues increased by 25.28% year-on-year (YoY), and non-operating income rose by 33.96%.

Earnings before interest and taxes (EBIT) grew by 26.67% YoY to SAR 1.29 billion.

Meanwhile, operating expenses rose 29.06% as general and administrative expenses increased by 87%. Selling and marketing expenses also rose SAR 41 million, and depreciation and amortization expenses were up SAR 76 million. However, the expected credit loss declined SAR 2 million.

However, the expected credit loss declined SAR 2 million

The third-quarter net profit grew 49% to SAR 498 million, from SAR 334.25 million in Q3 2023, mainly due to a 23% jump in revenues.

The Q3 2024 earnings grew 2.4% from SAR 486.24 million in the previous quarter.

Total shareholders’ equity, after minority interest, reached SAR 4.78 billion as of Sept. 30, 2024, compared to SAR 3.63 billion a year earlier.

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