Financial Results : Elm’s net profit jumps 85% to SAR 567 mln in 2021; Q4 dips 16% to SAR 110.4 mln

Elm’s net profit jumps 85% to SAR 567 mln in 2021; Q4 dips 16% to SAR 110.4 mln

13/03/2022 Argaam Exclusive

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Elm Co. reported a net profit after Zakat and tax of SAR 567 million for 2021, a rise of 85% from SAR 306.6 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Revenues 2,466.07 3,827.65 55.2 %
Gross Income 837.00 1,322.91 58.1 %
Operating Income 355.61 614.60 72.8 %
Net Income 306.58 566.89 84.9 %
Average Shares 80.00 80.00 -
EPS (Riyals) 3.83 7.09 84.9 %

The company attributed the rise in net profit to higher revenue, which was driven by an increase in digital solutions, business process outsourcing, and professional services. 

 

The profit increase was partially offset by higher operating expenses due to an increase in selling and marketing costs, along with a rise in expected credit losses, and general and administrative expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 918.42 1,069.45 16.4 %
Gross Income 375.03 414.21 10.4 %
Operating Income 191.93 115.37 (39.9 %)
Net Income 132.04 110.27 (16.5 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 1.65 1.38 (16.5 %)

The fourth-quarter net profit after Zakat and tax slipped 16% year-on-year (YoY) to SAR 110.4 million.

 

On a sequential basis, net profit slumped 37.9% from SAR 177.6 million.

 

Shareholders’ equity, after minority interest, increased to SAR 2.81 billion as of Dec. 31, 2021 from SAR 2.23 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 509.41 - 127.92 - 25.56 -
Q2 2020 422.32 - 87.12 - (5.92) -
Q3 2020 615.92 - 246.93 - 144.14 -
Q4 2020 918.42 - 375.03 - 191.93 -
Q1 2021 773.63 51.9 % 275.46 115.3 % 168.53 559.3 %
Q2 2021 1,017.79 141.0 % 305.93 251.2 % 134.39 2369.8 %
Q3 2021 966.78 57.0 % 327.32 32.6 % 196.31 36.2 %
Q4 2021 1,069.45 16.4 % 414.21 10.4 % 115.37 (39.9 %)
2021 3,827.65 55.2 % 1,322.91 58.1 % 614.60 72.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 28.79 - 0.36 - 28.79 0.36
Q2 2020 (2.14) - (0.03) - (2.14) (0.03)
Q3 2020 147.99 - 1.85 - 147.99 1.85
Q4 2020 132.04 - 1.65 - 132.04 1.65
Q1 2021 168.87 486.5 % 2.11 20.53 148.34 1.85
Q2 2021 110.15 5252.0 % 1.38 - 110.15 1.38
Q3 2021 177.60 20.0 % 2.22 0.33 177.28 2.22
Q4 2021 110.27 (16.5 %) 1.38 3.84 106.43 1.33
2021 566.89 84.9 % 7.09 24.70 542.20 6.78

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 33.94 % 18.95 % 12.44 %
Q1 2021 36.06 % 22.33 % 15.61 %
Q2 2021 36.18 % 22.56 % 16.19 %
Q3 2021 34.92 % 21.90 % 15.44 %
Q4 2021 34.56 % 19.08 % 14.17 %
2021 34.56 % 19.08 % 14.17 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 80.00 - - 24.44
Q2 2020 80.00 - - -
Q3 2020 80.00 - - -
Q4 2020 80.00 3.83 3.83 27.92
Q1 2021 80.00 5.58 5.33 30.04
Q2 2021 80.00 6.99 6.73 31.41
Q3 2021 80.00 7.36 7.10 33.63
Q4 2021 80.00 7.09 6.78 35.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -

Business Segments (Million)

Compared With The
Period Digital Business Business process outsourcing Digital Services
Q1 2020 392.23 90.27 26.91
Q2 2020 309.90 86.72 25.70
Q3 2020 398.54 202.79 14.59
Q4 2020 626.42 272.71 19.29
Q1 2021 460.17 290.17 23.30
Q2 2021 596.01 396.36 25.41
Q3 2021 475.69 467.59 23.50
Q4 2021 570.50 481.06 17.88

Current
Market Cap (M Riyal) 91,280.00
Enterprise Value (EV) (M) 88,541.53
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 20.70
Book Value (BV) ( Riyal) 59.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 19.08
Return on Average Assets (%) (TTM) 20.5
Return on Average Equity (%) (TTM) 39.4

Share Price

1,141.00
(8.20) (0.71 %)

Elm Co. (ELM)


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