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Elm’s net profit jumps 85% to SAR 567 mln in 2021; Q4 dips 16% to SAR 110.4 mln
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)
| 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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Share Price
Elm Co. (ELM)
| Current | |
| Market Cap (M Riyal) | 88,000.00 |
| Enterprise Value (EV) (M) | 85,261.53 |
| 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 | 18.40 |
| Return on Average Assets (%) (TTM) | 20.5 |
| Return on Average Equity (%) (TTM) | 39.4 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 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 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)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | - | - | - |
Business Segments (Million)
Q4 2021
| Period | Digital Business | Business process outsourcing | Digital Services |
|---|---|---|---|
| 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 |
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