Elm Co. reported a net profit after Zakat and tax of SAR 444 million for the first half of 2022, a leap of 59% from SAR 279 million in the same period last year.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 1,791.42 | 2,130.78 | 18.9 % |
| Gross Income | 581.39 | 852.40 | 46.6 % |
| Operating Income | 302.92 | 508.66 | 67.9 % |
| Net Income | 279.02 | 444.50 | 59.3 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 3.49 | 5.56 | 59.3 % |
The increase in net profit was attributed to an 18.9% rise (SAR 339 million) year-on-year (YoY) in revenue, which drove gross profit higher by 35.9%, or SAR 209 million.
The improved revenue was backed by an increase of 29.5% and 82.9% YoY, respectively, in digital business and professional services. However, this was partially offset by an annual 1.8% decrease in business process outsourcing.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 1,017.79 | 1,038.77 | 2.1 % |
| Gross Income | 305.93 | 412.86 | 35.0 % |
| Operating Income | 134.39 | 238.86 | 77.7 % |
| Net Income | 110.15 | 194.85 | 76.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.38 | 2.44 | 76.9 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 1,092.01 | 1,038.77 | (4.9 %) |
| Gross Income | 439.54 | 412.86 | (6.1 %) |
| Operating Income | 269.81 | 238.86 | (11.5 %) |
| Net Income | 249.64 | 194.85 | (21.9 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 3.12 | 2.44 | (21.9 %) |
In Q2 2022, net profit after Zakat and tax surged 77% to SAR 195 million from SAR 110.15 million in the prior-year period.
Compared to Q1 2022, net profit dropped 21.9% from SAR 249.64 million.
Total shareholders’ equity, after minority interest, rose to SAR 2.721 billion as of June 30, 2022, from SAR 2.513 billion a year earlier.
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