Elm net profit rises 57% to SAR 718 mln in 9M 2022; Q3 at SAR 273 mln
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Elm Co. reported a net profit after Zakat and tax of SAR 718 million in the first nine months of 2022, a 57% increase compared to SAR 456.6 million in the year-ago period.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 2,758.20 | 3,298.19 | 19.6 % |
| Gross Income | 908.71 | 1,338.21 | 47.3 % |
| Operating Income | 499.23 | 781.54 | 56.6 % |
| Net Income | 456.62 | 717.86 | 57.2 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 5.71 | 8.97 | 57.2 % |
The profit increase was driven by 41.14% rise in digital business revenue, a 65.65% surge in professional services revenue, which was partially offset by decrease in business process outsourcing revenue by 11.92%.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 966.78 | 1,167.42 | 20.8 % |
| Gross Income | 327.32 | 485.81 | 48.4 % |
| Operating Income | 196.31 | 272.88 | 39.0 % |
| Net Income | 177.60 | 273.36 | 53.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.22 | 3.42 | 53.9 % |
In Q3 2022, the net profit after Zakat and tax saw a 54% increase to SAR 273 million, from SAR 178 million in the year before.
Sequentially the company’s net profit rose 40% from SAR 195 million in Q2 2022.
Shareholders’ equity, excluding minority interest, grew to SAR 2.884 billion as of Sept. 30, 2022, from SAR 2.691 billion in the year-earlier period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 35.87 % | 20.07 % | 15.52 % |
| Q2 2022 | 38.25 % | 22.49 % | 18.13 % |
| Q3 2022 | 40.12 % | 23.22 % | 19.52 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 26.53 | 26.70 | 6.24 |
| Q2 2022 | 27.02 | 26.20 | 7.50 |
| Q3 2022 | 30.60 | 29.73 | 8.91 |
Business Segments (Million)
Q3 2022
| Period | Digital Business | Business process outsourcing | Digital Services |
|---|---|---|---|
| Q1 2022 | 657.15 | 387.14 | 47.72 |
| Q2 2022 | 710.15 | 287.24 | 41.38 |
| Q3 2022 | 797.04 | 342.12 | 28.26 |
| 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 |
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