Elm Q1 2024 profit up 7% to SAR 345M

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 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	1,685.37	1,639.01	(2.8 %)
Gross Income	629.14	626.48	(0.4 %)
Operating Income	330.09	334.38	1.3 %
Net Income	326.81	344.78	5.5 %
Average Shares	80.00	80.00	-
EPS (Riyals)	4.09	4.31	5.5 %

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.

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Share Price

Elm Co. (ELM)

	Current
Market Cap (M Riyal)	90,240.00
Enterprise Value (EV) (M)	87,501.53
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	18.87
Return on Average Assets (%) (TTM)	20.5
Return on Average Equity (%) (TTM)	39.4

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 %

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

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 %

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 %

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

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

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

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	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) %

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Elm Q1 2024 profit up 7% to SAR 345M

Current Quarter Comparison (M)

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Elm Co. (ELM)

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Elm Q1 2024 profit up 7% to SAR 345M

Current Quarter Comparison (M)

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Share Price

Elm Co. (ELM)

Financial Ratios

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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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