‎“Elm” profits jump 64% during 2022, to SR930 mln

The net profit after zakat and tax for Elm Company jumped to 930 million riyals during the year 2022, compared to 567 million riyals in 2021 AD, by 64%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 972 million riyals during the year ending on December 31, 2022, compared to 615 million riyals in the previous year, an increase of 58%.

As for the total profit, it amounted to 1.88 billion riyals in the current year, compared to 1.32 billion riyals in the previous year, an increase of 43%.

Earnings per share in the current year amounted to 11.94 riyals, compared to 7.09 riyals in the previous year.

The company achieved a net profit after zakat of 930 million riyals for the year ending on December 31, 2022 AD, an increase of 64.02% (363 million riyals) compared to the previous year. This height is due to:

Revenues increased by 20.32% (778 million riyals), which contributed to an increase in total profit by 42.55% (563 million riyals). The reason for the improvement in revenues is the increase in revenues from the digital business sector by 49.34%, and the increase in revenues from the professional services sector by 83.14%, despite the decrease in revenues from the business outsourcing sector by 20.41%.

On the other hand, operational expenses increased by 28.96% (205 million riyals), as a result of an increase in general and administrative expenses by 67 million riyals, an increase in expected credit losses by 58.8 million, and an increase in selling and marketing expenses by 38.5 million riyals, as well as an increase in the decline expense. In the value of non-current assets amounting to 36.5 million riyals

In addition, revenues from Murabaha deposits increased by 32.2 million riyals, and other revenues increased by 16.9 million riyals. On the other hand, the gains of financial assets at fair value through profit or loss decreased by 25.1 million riyals, and the zakat expense increased by 11.2 million riyals.

Profits before interest, taxes, depreciation, and amortization for the year 2022 AD amounted to 1,092 million riyals, compared to 730 million riyals for the year 2021 AD, an increase of 49.6%.

– For the purposes of calculating earnings per share, the number of shares for the comparison year has been retroactively adjusted following the capital increase.