Riyadh – Mubasher: Elm Company recorded a 56.53% growth in net profit after Zakat and tax to SAR 695 million during the first half (H1) of 2023 from SAR 444 million in H1-22.

Revenues soared by 26.32% year-on-year (YoY) to SAR 2.69 billion in H1-23 from SAR 2.13 billion, according to the interim financial results.

Furthermore, the earnings per share (EPS) hiked to SAR 8.95 in January-June 2023 from SAR 5.68 in the same period a year ago.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the net profits after Zakat and tax surged to SAR 373 million, an annual increase of 91.28% from SAR 195 million.

Meanwhile, the company’s revenue reached SAR 1.40 billion in the April-June 2023 period, marking a 35.13% YoY increase from SAR 1.03 billion.

On a quarterly basis, the Q2-23 net profits increased by 15.84% from SAR 322 million in Q1-23, while the revenues enlarged by 9.01% from SAR 1.28 billion.

Dividends Proposal

The board of Elm agreed to pay cash dividends worth SAR 233.09 million for H1-23.

The company will pay SAR 3 per share, equivalent to 30% of the share’s par value, for 77.69 million eligible shares.

The eligibility date for the H1-23 dividends will be Sunday, 13 August 2023, while the distribution date will be Thursday, 24 August.

It is worth mentioning that in Q1-23, the company witnessed a 28.80% surge in net profit when compared to Q1-22.