Elm Company announces its interim consolidated financial results for the period ended 31-03-2024 (Three months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,639 | 1,288 | 27.251 | 1,685 | -2.729 |
| Gross Profit (Loss) | 626 | 544 | 15.073 | 629 | -0.476 |
| Operational Profit (Loss) | 334 | 320 | 4.375 | 330 | 1.212 |
| Net profit (Loss) | 345 | 322 | 7.142 | 327 | 5.504 |
| Total Comprehensive Income | 345 | 322 | 7.142 | 348 | -0.862 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 4,046 | 3,145 | 28.648 |
| Profit (Loss) per Share | 4.44 | 4.15 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| 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 quarter compared to the same quarter of the last year is | Revenue increased by 27.25% (SR 351 million), The increase in revenue resulted from an increase in Digital Business revenue by 20.62%, increase in Business Process Outsourcing revenue by 56.43%, offset by decrease in Professional Services revenue by (18.42%). |
| 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 345 million for the period ended 31 March 2024, with an increase of 7.14% (SR 23 million) compared to the comparative quarter from prior year, as a result of the following:
Increase in revenue by 27.25% (SR 351 million), which lead to an increase in gross profit by 15.07% (SR 82 million). On the other hand, operating expenses increased by 30.36% (SR 68 million), as a result of increase in the general and administration expenses by SR 26 million, increase in the selling and marketing expenses by SR 18 million, increase in depreciation and amortization expenses by SR 17 million, and increase in expected credit losses by SR 8 million. Furthermore, income from Murabaha deposit increased by SR 13 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue decreased by 2.73% (SR 46 million), The decrease in revenue resulted from a decrease in Digital Business revenue by 2.42%, and a decrease in Professional services revenue by 39.22%, offset by an increase in Business Process Outsourcing revenue by 0.69% |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Company achieved a net profit after Zakat of SR 345 million for the period ended 31 March 2024, with an increase of 5.50% (SR 18 million) compared to the prior quarter, as a result of the following:
Increase in operating profit by 1.21% (SR 4 million) due to the decreased in operating expenses by 2.01% (SR 7 million), as a result of decrease in the general and administration expenses by SR 6 million, and decrease in impairment of non-current assets by SR 6 million, and decrease in expected credit losses expenses by SR 3 million. Offset by an increase in the selling and marketing expenses by SR 2 million, increase in depreciation and amortization expenses by SR 6 million. In addition, Revenue decreased by 2.73% (SR 46 million), which led to a decrease in gross profit by 0.48% (SR 3 million). On the other hand, non-operating income increased by 158.82% (SR 27 million), due to the increase in income from Murabaha deposit by SR 7 million, decreased in loss at Fair value of other financial assets through Profit or loss by SR 18 million, and decrease in share of loss from associate by SR 10 million. Offset by increase in finance cost by SR 3 million and decrease in other income by SR 5 million. And there was an increase in Zakat expenses by SR 14 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | Not Applicable |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period presentation. |
| Additional Information | Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the period ended 31 March 2024 amounted to SR 385 million compared to SR 354 million for the comparative quarter of prior year, with an increase of 8.76%. |
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