Elm Co. reported a net profit after Zakat and tax of SAR 567 million for 2021, a rise of 85% from SAR 306.6 million in 2020.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 2,466.07 | 3,827.65 | 55.2 % |
| Gross Income | 837.00 | 1,322.91 | 58.1 % |
| Operating Income | 355.61 | 614.60 | 72.8 % |
| Net Income | 306.58 | 566.89 | 84.9 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 3.83 | 7.09 | 84.9 % |
The company attributed the rise in net profit to higher revenue, which was driven by an increase in digital solutions, business process outsourcing, and professional services.
The profit increase was partially offset by higher operating expenses due to an increase in selling and marketing costs, along with a rise in expected credit losses, and general and administrative expenses.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 918.42 | 1,069.45 | 16.4 % |
| Gross Income | 375.03 | 414.21 | 10.4 % |
| Operating Income | 191.93 | 115.37 | (39.9 %) |
| Net Income | 132.04 | 110.27 | (16.5 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.65 | 1.38 | (16.5 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 966.78 | 1,069.45 | 10.6 % |
| Gross Income | 327.32 | 414.21 | 26.5 % |
| Operating Income | 196.31 | 115.37 | (41.2 %) |
| Net Income | 177.60 | 110.27 | (37.9 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.22 | 1.38 | (37.9 %) |
The fourth-quarter net profit after Zakat and tax slipped 16% year-on-year (YoY) to SAR 110.4 million.
On a sequential basis, net profit slumped 37.9% from SAR 177.6 million.
Shareholders’ equity, after minority interest, increased to SAR 2.81 billion as of Dec. 31, 2021 from SAR 2.23 billion a year earlier.
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