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

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

14/05/2023 Argaam Exclusive

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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 %

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %
Q1 2023 1,288.16 18.0 % 544.46 23.9 % 320.32 18.7 %


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 - - - - - -
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
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
Q1 2023 322.40 29.1 % 4.03 - 322.40 4.03

Profitability

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 - - -
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 %
Q3 2022 40.12 % 23.22 % 19.52 %
Q4 2022 40.94 % 24.51 % 20.99 %
Q1 2023 41.46 % 24.72 % 21.65 %


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

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

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

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) %


Financial Ratios
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
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Share Price

Elm Co.
1,083.40
3.40 0.31 %

Elm Co. (ELM)

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