Elm Q1 2024 profit up 7% to SAR 345M

Elm Q1 2024 profit up 7% to SAR 345M

12/05/2024 Argaam Exclusive

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Elm Co. reported a net profit of SAR 345 million in Q1 2024, an increase of 7% from SAR 322 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,288.16 1,639.01 27.2 %
Gross Income 544.46 626.48 15.1 %
Operating Income 320.32 334.38 4.4 %
Net Income 322.40 344.78 6.9 %
Average Shares 80.00 80.00 -
EPS (Riyals) 4.03 4.31 6.9 %

Revenue increased by 27.25% (SAR 351 million) year-on-year (YoY), driven by a rise in digital business revenue by 20.62% and growth in business process outsourcing revenue by 56.43%, which were offset by a 18.42% decrease in professional services revenue.

 

Furthermore, income from Murabaha deposit increased by SAR 13 million compared with a year earlier.

 

Meanwhile, operating expenses rose by 30.36% (SAR 68 million), as a result of an increase in the general and administration expenses by SAR 26 million, a rise in the selling and marketing expenses by SAR 18 million, growth in depreciation and amortization expenses by SAR 17 million, and an increase in expected credit losses by SAR 8 million.

 

On a quarterly basis, net earnings rose by 5.5% from SAR 327 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 4.04 billion as of March 31, 2024, compared to SAR 3.14 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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 - 28.79 - 0.36
Q2 2020 422.32 - 87.12 - (2.14) - (0.03)
Q3 2020 615.92 - 246.93 - 147.99 - 1.85
Q4 2020 918.42 - 375.03 - 132.04 - 1.65
Q1 2021 773.63 51.9 % 275.46 115.3 % 168.87 486.5 % 2.11
Q2 2021 1,017.79 141.0 % 305.93 251.2 % 110.15 5252.0 % 1.38
Q3 2021 966.78 57.0 % 327.32 32.6 % 177.60 20.0 % 2.22
Q4 2021 1,069.45 16.4 % 414.21 10.4 % 110.27 (16.5 %) 1.38
Q1 2022 1,092.01 41.2 % 439.54 59.6 % 249.64 47.8 % 3.12
Q2 2022 1,038.77 2.1 % 412.86 35.0 % 194.85 76.9 % 2.44
Q3 2022 1,167.42 20.8 % 485.81 48.4 % 273.36 53.9 % 3.42
Q4 2022 1,307.91 22.3 % 547.65 32.2 % 212.33 92.6 % 2.65
Q1 2023 1,288.16 18.0 % 544.46 23.9 % 322.40 29.1 % 4.03
Q2 2023 1,403.83 35.1 % 601.99 45.8 % 372.77 91.3 % 4.66
Q3 2023 1,521.00 30.3 % 575.47 18.5 % 334.25 22.3 % 4.18
Q4 2023 1,685.37 28.9 % 629.14 14.9 % 326.81 53.9 % 4.09
Q1 2024 1,639.01 27.2 % 626.48 15.1 % 344.78 6.9 % 4.31

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2023 42.19 % 25.73 % 23.04 %
Q3 2023 41.11 % 25.13 % 22.65 %
Q4 2023 39.86 % 25.44 % 22.99 %
Q1 2024 38.93 % 24.50 % 22.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2023 80.00 14.76 14.88 44.03
Q3 2023 80.00 15.52 15.63 45.39
Q4 2023 80.00 16.95 16.95 49.93
Q1 2024 80.00 17.23 17.23 50.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2023 38.29 37.98 13.22
Q3 2023 50.25 49.90 17.18
Q4 2023 46.69 46.69 16.32
Q1 2024 56.45 56.45 19.24

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
Q2 2023 1,016.34 352.38 35.12
Q3 2023 1,102.52 381.39 37.09
Q4 2023 1,167.21 467.86 50.30
Q1 2024 1,169.66 438.38 30.97

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 391.74 344.78 (12.0 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
AlJazira Capital 377.70 344.78 (8.7) %
Al Rajhi Capital 379.00 344.78 (9.0) %
GIB Capital 384.00 344.78 (10.2) %
Riyad Capital 396.00 344.78 (12.9) %
Arqaam Capital 422.00 344.78 (18.3) %

Current
Market Cap (M Riyal) 66,880.00
Enterprise Value (EV) (M) 63,325.21
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 17.23
Book Value (BV) ( Riyal) 50.57
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 48.51
P/E (TTM) 48.51
Price/book 16.53
Return on Average Assets (%) (TTM) 17.6
Return on Average Equity (%) (TTM) 38.3

Share Price

838.40
(3.60) (0.43 %)

Elm Co. (ELM)


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