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Elm Company announces its interim condensed Consolidated Financial Results for the period ending on 31-03-2023 (Three months)

ELM 7203 -0.40% 986.00 -4.00
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 1,288 1,092 17.95 1,308 -1.53
Gross Profit (Loss) 533 440 21.14 548 -2.74
Operational Profit (Loss) 320 270 18.52 219 46.12
Net Profit (Loss) after Zakat and Tax 322 250 28.8 212 51.89
Total Comprehensive Income 322 250 28.8 195 65.13
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Share Holders Equity (after Deducting Minority Equity) 3,145 2,752 14.28
Profit (Loss) per Share 4.15 3.17
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The Company achieved a net profit after Zakat of SR 322 million in Q1 – 2023, with an increase of 29.15% (SR 73 million) compared to the same quarter of the last year. As a result of the following:

Increase in revenues by 17.96% (SR 196 million), which led to an increase in gross profit by 21.31% (SR 94 million). The increase in revenues resulted from an increase in Digital Business by 47.44% . On the other hand there was a decrease in Business Process Outsourcing revenues by 28.35%, And Professional Services revenues by 12.22%.

On the other hand, there was a increase in operating expenses by 25.42% (SR 43 million), as a result of increase in the general and administration expenses by SR 21 million, increase in the selling and marketing expenses by SR 12 million and increase in Depreciation & Amortization SR 7 million.

Furthermore, there was an increase in the other income by SR 30 million due to the increase in Interest Income SR 28 million, and increase in others SR 2 million.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The Company achieved a net profit after Zakat of SR 322 million in Q1 - 2023, with an increase of 51,84% (SR 110 million) compared to the previous quarter. As a result of the following:

decrease in revenues by 1.51% (SR 20 million), which led to a decrease in gross profit by 2.64% (SR 14 million). The decrease in revenues resulted from a decrease in Digital Business revenues by 0.90%, Business Process Outsourcing revenues by 2.63%. And Professional Services revenues by 7.69%.

On the other hand, there was a decrease in operating expenses by 35.23% (SR 116 million), as a result of decrease in the Expected Credit loss expenses by SR 83 million, general and administration expenses by SR 14 million, selling and marketing expenses by SR 9 million. And due to the decrease in Impairment of other financial assets by SR 8 million.

Furthermore, there was an increase in the other income by SR 23 million due to the increase in Interest Income SR 7 million, and increase in others SR 16 million.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform with the classification used for the three months period ended 31 March 2023.
Additional Information - EBITDA for the three months period ended March 31, 2023 amounted to SR 355 million compared to SR 297 million for the same quarter of the last year, with an increase of 19.56%.

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