Elm’s H1 2022 net profit jumps 59% to SAR 444 mln; Q2 at SAR 195 mln

Elm’s H1 2022 net profit jumps 59% to SAR 444 mln; Q2 at SAR 195 mln

07/08/2022 Argaam Exclusive

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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.



Financials (M)

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. 



Current Quarter Comparison (M)

Compared With The
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 %

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.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
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 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 -
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 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
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 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
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 33.94 % 18.95 % 12.44 %
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 %
Q1 2022 35.87 % 20.07 % 15.52 %
Q2 2022 38.25 % 22.49 % 18.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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

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


Financial Ratios
Current
Market Cap (M Riyal) 87,040.00
Enterprise Value (EV) (M) 84,301.53
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 18.20
Return on Average Assets (%) (TTM) 20.5
Return on Average Equity (%) (TTM) 39.4
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Share Price

Elm Co.
1,087.40
(12.60) (1.15 %)

Elm Co. (ELM)

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