Elm H1 2024 profit jumps 20% to SAR 831M; Q2 at SAR 486M

Elm Co. reported a 20% rise in H1 2024 net profit to SAR 831 million, compared to SAR 695 million in H1 2023.

Revenue increased by 26.52%, or SAR 714 million, year-on-year (YoY) to SAR 3.4 billion during the six-month period, which led to a rise in gross profit by 18.76% or SAR 215 million

On the other hand, operating expenses rose by 25.67% or SAR 115 million, YoY, as a result of an increase in general and administrative expenses by SAR 59 million, as well as a rise in selling and marketing expenses by SAR 30 million. In addition, depreciation and amortization expenses grew by SAR 45 million. However, this was offset by a decrease in expected credit losses by SAR 20 million

On the other hand, non-operating income leapt by 61.54%, or SAR 40 million, compared with a year earlier. Fair value gain through profit or loss rose by SAR 19 million, while the share of loss from associates declined by SAR 2 million.

In Q2 2024, the company’s net profit leapt 30% to SAR 486 million from SAR 373 million in the prior-year period, boosted by a rise in revenue, non-operating income, other income and a decline in expenses of expected credit loss.

In addition, Q2 2024 net earnings jumped by 40.9% from SAR 345 million in Q1 2024.

Shareholders’ equity, no minority interest, reached SAR 4.54 billion by the end of the six-month period, compared to SAR 3.52 billion a year earlier.

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