Elm 9M 2024 profit leaps 29% to SAR 1.32B; Q3 at SAR 498M

03/11/2024 Argaam Exclusive

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Elm Co. reported a net profit of SAR 1.32 billion in the first nine months of 2024, leaping 29% from SAR 1.02 billion a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	4,213.00	5,277.57	25.3 %
Gross Income	1,721.92	2,198.54	27.7 %
Operating Income	1,020.49	1,292.28	26.6 %
Net Income	1,029.42	1,329.26	29.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	12.87	16.62	29.1 %

Revenues increased by 25.28% year-on-year (YoY), and non-operating income rose by 33.96%.

Earnings before interest and taxes (EBIT) grew by 26.67% YoY to SAR 1.29 billion.

Meanwhile, operating expenses rose 29.06% as general and administrative expenses increased by 87%. Selling and marketing expenses also rose SAR 41 million, and depreciation and amortization expenses were up SAR 76 million. However, the expected credit loss declined SAR 2 million.

However, the expected credit loss declined SAR 2 million

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	1,521.00	1,871.54	23.0 %
Gross Income	575.47	837.11	45.5 %
Operating Income	322.96	493.97	53.0 %
Net Income	334.25	498.24	49.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	4.18	6.23	49.1 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	1,767.01	1,871.54	5.9 %
Gross Income	734.95	837.11	13.9 %
Operating Income	463.93	493.97	6.5 %
Net Income	486.24	498.24	2.5 %
Average Shares	80.00	80.00	-
EPS (Riyals)	6.08	6.23	2.5 %

The third-quarter net profit grew 49% to SAR 498 million, from SAR 334.25 million in Q3 2023, mainly due to a 23% jump in revenues.

The Q3 2024 earnings grew 2.4% from SAR 486.24 million in the previous quarter.

Total shareholders’ equity, after minority interest, reached SAR 4.78 billion as of Sept. 30, 2024, compared to SAR 3.63 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q2 2023	1,403.83	35.1 %	601.99	45.8 %	377.22	57.9 %
Q3 2023	1,521.00	30.3 %	575.47	18.5 %	322.96	18.4 %
Q4 2023	1,685.37	28.9 %	629.14	14.9 %	330.09	45.2 %
2023	5,898.36	28.1 %	2,351.05	24.7 %	1,350.58	33.9 %
Q1 2024	1,639.01	27.2 %	626.48	15.1 %	334.38	4.4 %
Q2 2024	1,767.01	25.9 %	734.95	22.1 %	463.93	23.0 %
Q3 2024	1,871.54	23.0 %	837.11	45.5 %	493.97	53.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	5,898.36	28.1 %	2,351.05	24.7 %	1,350.58	33.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q2 2023	372.77	91.3 %	4.66	-	372.77	4.66
Q3 2023	334.25	22.3 %	4.18	-	334.25	4.18
Q4 2023	326.81	53.9 %	4.09	-	326.81	4.09
2023	1,356.23	45.8 %	16.95	-	1,356.23	16.95
Q1 2024	344.78	6.9 %	4.31	-	344.78	4.31
Q2 2024	486.24	30.4 %	6.08	-	486.24	6.08
Q3 2024	498.24	49.1 %	6.23	-	498.24	6.23

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	1,356.23	45.8 %	16.95	-	1,356.23	16.95

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2023	42.19 %	25.73 %	23.04 %
Q3 2023	41.11 %	25.13 %	22.65 %
Q4 2023	39.86 %	25.44 %	22.99 %
2023	39.86 %	25.44 %	22.99 %
Q1 2024	38.93 %	24.50 %	22.06 %
Q2 2024	38.81 %	24.89 %	22.56 %
Q3 2024	40.61 %	26.54 %	23.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	39.86 %	25.44 %	22.99 %

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	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 %
Q2 2023	42.88 %	29.17 %	26.55 %
Q3 2023	37.83 %	23.74 %	21.98 %
Q4 2023	37.33 %	22.28 %	19.39 %
Q1 2024	38.22 %	23.51 %	21.04 %
Q2 2024	41.59 %	29.65 %	27.52 %
Q3 2024	44.73 %	30.11 %	26.62 %

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
Q2 2024	80.00	18.65	18.65	56.82
Q3 2024	80.00	20.70	20.70	59.79

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	80.00	16.95	16.95	49.93

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
Q2 2024	44.47	44.47	15.03
Q3 2024	56.20	56.20	19.46

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	28.55	27.48	8.72
2023	46.69	46.69	16.32

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	1,012.18	356.36	35.30
Q3 2023	1,087.85	391.49	41.66
Q4 2023	1,167.21	467.86	50.30
Q1 2024	1,169.66	438.38	30.97
Q2 2024	1,254.37	478.33	34.31
Q3 2024	1,435.17	408.17	28.20

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
2023	4,254.97	1,478.99	164.40

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	432.75	498.24	15.13 %

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
AlJazira Capital	454.50	498.24	9.6 %
Sico	445.00	498.24	12.0 %
Jefferies	431.00	498.24	15.6 %
Al Rajhi Capital	430.00	498.24	15.9 %
GIB Capital	427.00	498.24	16.7 %
Riyad Capital	409.00	498.24	21.8 %

Financial Ratios

	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

Elm Co. (ELM)

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Elm 9M 2024 profit leaps 29% to SAR 1.32B; Q3 at SAR 498M

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Elm Co. (ELM)

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Elm 9M 2024 profit leaps 29% to SAR 1.32B; Q3 at SAR 498M

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Financials (M)

Current Quarter Comparison (M)

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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Elm Co. (ELM)

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Business Segments (Million)