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Elm net profit rises 46% to SAR 1.35B in 2023, Q4 at SAR 326.6M
Elm Co. reported a net profit of SAR 1.35 billion in 2023, up 46% from SAR 930 million a year earlier
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 4,606.10 | 5,898.36 | 28.1 % |
| Gross Income | 1,885.86 | 2,351.05 | 24.7 % |
| Operating Income | 1,008.85 | 1,350.58 | 33.9 % |
| Net Income | 930.19 | 1,356.23 | 45.8 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 11.63 | 16.95 | 45.8 % |
This was fuelled by a 28.05% increase year-on-year (YoY) in revenue and a 24.66% annual rise in gross profit.
On the other hand, operating expenses increased by 9.53% YoY due to higher general and administrative expenses, and increased selling and marketing costs. Further, depreciation and amortization expenses rose by SAR 30 million, offset by a decrease in expected credit loss expenses and lower impairment of non-current assets.
Additionally, income from Murabaha deposit increased by SAR 87 million YoY, offset by a SAR 24 million YoY increase in Zakat expense.
The company's Q4 2023 net earnings jumped by 54% to SAR 326.6 million, from SAR 212.3 million.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,307.91 | 1,685.37 | 28.9 % |
| Gross Income | 547.65 | 629.14 | 14.9 % |
| Operating Income | 227.31 | 330.09 | 45.2 % |
| Net Income | 212.33 | 326.81 | 53.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.65 | 4.09 | 53.9 % |
On a sequential basis, net earnings fell 2.3% from SAR 334.2 million.
Total Shareholders’ equity, no minority interest, rose to SAR 3.99 billion as of December 31, 2023, compared to SAR 3.04 billion a year earlier.
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Share Price
Elm Co. (ELM)
| Current | |
| Market Cap (M Riyal) | 86,400.00 |
| Enterprise Value (EV) (M) | 83,174.91 |
| 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 | 18.06 |
| Return on Average Assets (%) (TTM) | 19.9 |
| Return on Average Equity (%) (TTM) | 39.4 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2023
| Period | Digital Business | Business process outsourcing | Digital Services |
|---|---|---|---|
| Q1 2023 | 970.82 | 279.64 | 37.70 |
| Q2 2023 | 1,012.18 | 356.36 | 35.30 |
| Q3 2023 | 1,102.52 | 381.39 | 37.09 |
| Q4 2023 | 1,167.21 | 467.86 | 50.30 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 333.17 | 326.81 | (1.9 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Riyad Capital | 325.00 | 326.81 | 0.6 % |
| AlJazira Capital | 322.50 | 326.81 | 1.3 % |
| GIB Capital | 352.00 | 326.81 | (7.2) % |
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