Elm Company announces its Annual Consolidated Financial Results for the Year Ended 31-12-2023 (Twelve Months)
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 5,898 | 4,606 | 28.05 | ||
| Gross Profit (Loss) | 2,351 | 1,886 | 24.66 | ||
| Operational Profit (Loss) | 1,351 | 972 | 38.99 | ||
| Net profit (Loss) | 1,356 | 930 | 45.81 | ||
| Total Comprehensive Income | 1,377 | 913 | 50.82 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 3,995 | 3,047 | 31.11 | ||
| Profit (Loss) per Share | 17.46 | 11.94 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Revenue increased by 28.05% (SAR 1,292 million), The increase in revenue resulted from an increase in Digital Business revenue by 35.00%, increase in Business Process Outsourcing revenue by 13.64%, and increase in Professional Services revenue by 7.49%. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The Company achieved a net profit after Zakat of SAR 1,356 million for the year ended 31 December 2023, with an increase of 45.81% (SAR 426 million) compared to the last year, as a result of the following:
Increase in revenue by 28.05% (SAR 1,292 million), which led to an increase in gross profit by 24.66% (SAR 465 million).
On the other hand, operating expenses increased by 9.53% (SAR 87 million), as a result of increase in the general and administrative expenses by SAR 103 million, and increase in the selling and marketing expenses by SAR 42 million, increase in depreciation and amortization expenses by SAR 30 million, offset by decrease in expected credit losses expenses by SAR 57 million, and decrease in Impairment of non-current assets by SAR 30 million.
Furthermore, income from Murabaha deposit increased by SAR 87 million, offset by an increase in Zakat expense by SAR 24 million. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Certain comparative year figures have been reclassified to conform to the current year presentation of the consolidated financial statements. |
| Additional Information | - EBITDA for the year 2023, amounted to SAR 1,500 million compared to SAR 1,092 million for the last year, with an increase of 37.36%.
- The Company will host an Earnings Conference Call with investors and analysts to discuss the Full Year 2023 Results. The call is scheduled to be on Monday 11 March 2024 at 4:00 PM (KSA time). Shareholders who are registered in Tadawulaty will be notified via text message explaining the process to participate in the call. We are pleased to receive your inquiries by contacting Investor Relations Department through the following channels: Tel: (+966) 112503962 (+966) 112503436 Email: ir@elm.sa |
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