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.

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