Elm profits jump 85% in 2021

Elm Company said that its profits after zakat and tax soared 85% to SR 567 million in 2021 from SR 307 million in 2020.

According to financial result statement published on Tadawul, operational profit last year rose 73% to SR 615 million from SR 356 million during the same period of 2020.

Meanwhile, the company revealed that its gross profits reached SR 1.19 billion in 2021 from SR 837 million, with an increase of 43%.

Elm’s profit per share (EPS) also jumped to SR 7.09 in 2021 from SR 3.83 the year before.

Higher profits were spurred by higher revenues of 55.2% (SR 1.362 billion), which led to increase in gross profit by 42.8% (SR 358 million). The revenue resulted from increase in Digital Solutions by 21.7%, Business Process Outsourcing by 150.6%, and Professional Services by 4.2%.

This was offset with higher operating expenses by SR 99 million, as a result of the increase in selling and marketing by SR 19 million.