Elm’s Q1 2023 net profit up 29% to SAR 322 mln

Elm Co. reported a net profit of SAR 322 million in Q1 2023, an increase of 29% from SAR 250 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	1,092.01	1,288.16	18.0 %
Gross Income	439.54	544.46	23.9 %
Operating Income	269.81	320.32	18.7 %
Net Income	249.64	322.40	29.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	3.12	4.03	29.1 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	1,307.91	1,288.16	(1.5 %)
Gross Income	547.65	544.46	(0.6 %)
Operating Income	227.31	320.32	40.9 %
Net Income	212.33	322.40	51.8 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.65	4.03	51.8 %

The increase was driven by a 17.96% rise year-on-year (YoY) in revenue, which led to a 21.31% higher gross profit YoY.

Higher revenue resulted from a 47.44% surge in digital business. However, business process outsourcing and professional services revenues were down 28.35% and 12.22% YoY, respectively.

On a quarterly basis, net earnings jumped by 51.6% from SAR 212.33 million in Q4 2022, spurred by lower operating expenses, a decline in expected credit loss expenses and a fall in general and administration expenses.

Total shareholders’ equity, no minority interest, stood at SAR 3.14 billion as of March 31, 2023, compared to SAR 2.75 billion a year earlier.

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Share Price

Elm Co. (ELM)

	Current
Market Cap (M Riyal)	86,672.00
Enterprise Value (EV) (M)	83,933.53
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	18.12
Return on Average Assets (%) (TTM)	20.5
Return on Average Equity (%) (TTM)	39.4

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	1,981.54	-	696.20	-	286.32	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	1,925.71	(2.8 %)	719.30	3.3 %	364.27	27.2 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	2,102.02	9.2 %	681.37	(5.3 %)	300.51	(17.5 %)
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	-
2020	2,466.07	17.3 %	837.00	22.8 %	355.61	18.3 %
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 %
Q1 2022	1,092.01	41.2 %	439.54	59.6 %	269.81	60.1 %
Q2 2022	1,038.77	2.1 %	412.86	35.0 %	238.86	77.7 %
Q3 2022	1,167.42	20.8 %	485.81	48.4 %	272.88	39.0 %
Q4 2022	1,307.91	22.3 %	547.65	32.2 %	227.31	97.0 %
2022	4,606.10	20.3 %	1,885.86	42.6 %	1,008.85	64.1 %
Q1 2023	1,288.16	18.0 %	544.46	23.9 %	320.32	18.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	1,981.54	-	696.20	-	286.32	-
2018	1,925.71	(2.8 %)	719.30	3.3 %	364.27	27.2 %
2019	2,102.02	9.2 %	681.37	(5.3 %)	300.51	(17.5 %)
2020	2,466.07	17.3 %	837.00	22.8 %	355.61	18.3 %
2021	3,827.65	55.2 %	1,322.91	58.1 %	614.60	72.8 %
2022	4,606.10	20.3 %	1,885.86	42.6 %	1,008.85	64.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	368.61	-	4.61	84.11	284.50	3.56
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	364.33	(1.2 %)	4.55	-	364.33	4.55
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	307.18	(15.7 %)	3.84	-	307.18	3.84
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
2020	306.58	(0.2 %)	3.83	-	306.58	3.83
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
Q1 2022	249.64	47.8 %	3.12	-	249.64	3.12
Q2 2022	194.85	76.9 %	2.44	(27.08)	221.93	2.77
Q3 2022	273.36	53.9 %	3.42	(1.05)	274.41	3.43
Q4 2022	212.33	92.6 %	2.65	(8.33)	221.07	2.76
2022	930.19	64.1 %	11.63	(36.46)	966.65	12.08
Q1 2023	322.40	29.1 %	4.03	-	322.40	4.03

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	368.61	-	4.61	84.11	284.50	3.56
2018	364.33	(1.2 %)	4.55	-	364.33	4.55
2019	307.18	(15.7 %)	3.84	-	307.18	3.84
2020	306.58	(0.2 %)	3.83	-	306.58	3.83
2021	566.89	84.9 %	7.09	24.70	542.20	6.78
2022	930.19	64.1 %	11.63	(36.46)	966.65	12.08

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	35.13 %	17.88 %	14.36 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	37.35 %	22.44 %	18.92 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	32.41 %	18.43 %	14.61 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	33.94 %	18.95 %	12.44 %
2020	33.94 %	18.95 %	12.43 %
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 %
Q1 2022	35.87 %	20.07 %	15.52 %
Q2 2022	38.25 %	22.49 %	18.13 %
Q3 2022	40.12 %	23.22 %	19.52 %
Q4 2022	40.94 %	24.51 %	20.99 %
2022	40.94 %	24.51 %	20.99 %
Q1 2023	41.46 %	24.72 %	21.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	35.13 %	17.88 %	14.36 %
2018	37.35 %	22.44 %	18.92 %
2019	32.41 %	18.43 %	14.61 %
2020	33.94 %	18.95 %	12.43 %
2021	34.56 %	19.08 %	14.17 %
2022	40.94 %	24.51 %	20.99 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	25.11 %	10.29 %	5.65 %
Q2 2020	20.63 %	4.93 %	(0.51 %)
Q3 2020	40.09 %	27.91 %	24.03 %
Q4 2020	40.83 %	24.19 %	14.38 %
Q1 2021	35.61 %	25.19 %	19.17 %
Q2 2021	30.06 %	15.85 %	10.82 %
Q3 2021	33.86 %	23.46 %	18.34 %
Q4 2021	38.73 %	13.78 %	9.95 %
Q1 2022	40.25 %	27.15 %	22.86 %
Q2 2022	39.74 %	25.67 %	21.36 %
Q3 2022	41.61 %	26.00 %	23.51 %
Q4 2022	41.87 %	20.04 %	16.90 %
Q1 2023	42.27 %	27.52 %	25.03 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2022	80.00	8.10	8.04	34.40
Q2 2022	80.00	9.15	9.44	34.01
Q3 2022	80.00	10.35	10.66	35.56
Q4 2022	80.00	11.63	12.09	38.09
Q1 2023	80.00	12.54	13.00	39.31

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	80.00	4.61	3.56	14.72
2018	80.00	4.55	4.55	15.15
2019	80.00	3.84	3.84	18.87
2020	80.00	3.83	3.83	27.92
2021	80.00	7.09	6.78	35.12
2022	80.00	11.63	12.08	38.09

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	-	-	-
Q1 2022	26.53	26.70	6.24
Q2 2022	27.02	26.20	7.50
Q3 2022	30.60	29.73	8.91
Q4 2022	27.73	26.67	8.72
Q1 2023	35.24	33.99	11.24

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	28.55	27.48	8.72

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
Q1 2022	657.15	387.14	47.72
Q2 2022	710.15	287.24	41.38
Q3 2022	797.04	342.12	28.26
Q4 2022	987.45	284.87	35.58
Q1 2023	970.82	279.64	37.70

Period	Digital Business	Business process outsourcing	Digital Services
2017	1,364.76	550.46	66.31
2018	1,422.64	384.76	118.31
2019	1,531.11	432.87	138.05
2020	1,727.09	652.49	86.49
2021	2,102.37	1,635.18	90.10
2022	3,151.78	1,301.38	152.94

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	337.00	322.40	(4.3 %)

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
Riyad Capital	337.00	322.40	(4.3) %

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Elm’s Q1 2023 net profit up 29% to SAR 322 mln

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Elm Co. (ELM)

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Elm’s Q1 2023 net profit up 29% to SAR 322 mln

Current Quarter Comparison (M)

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Share Price

Elm Co. (ELM)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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