Elm Co. reported a net profit of SAR 1.35 billion in 2023, up 46% from SAR 930 million a year earlier
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 4,606.10 | 5,898.36 | 28.1 % |
| Gross Income | 1,885.86 | 2,351.05 | 24.7 % |
| Operating Income | 1,008.85 | 1,350.58 | 33.9 % |
| Net Income | 930.19 | 1,356.23 | 45.8 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 11.63 | 16.95 | 45.8 % |
This was fuelled by a 28.05% increase year-on-year (YoY) in revenue and a 24.66% annual rise in gross profit.
On the other hand, operating expenses increased by 9.53% YoY due to higher general and administrative expenses, and increased selling and marketing costs. Further, depreciation and amortization expenses rose by SAR 30 million, offset by a decrease in expected credit loss expenses and lower impairment of non-current assets.
Additionally, income from Murabaha deposit increased by SAR 87 million YoY, offset by a SAR 24 million YoY increase in Zakat expense.
The company's Q4 2023 net earnings jumped by 54% to SAR 326.6 million, from SAR 212.3 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,307.91 | 1,685.37 | 28.9 % |
| Gross Income | 547.65 | 629.14 | 14.9 % |
| Operating Income | 227.31 | 330.09 | 45.2 % |
| Net Income | 212.33 | 327.00 | 54.0 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.65 | 4.09 | 54.0 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,521.00 | 1,685.37 | 10.8 % |
| Gross Income | 575.47 | 629.14 | 9.3 % |
| Operating Income | 322.96 | 330.09 | 2.2 % |
| Net Income | 334.25 | 327.00 | (2.2 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 4.18 | 4.09 | (2.2 %) |
On a sequential basis, net earnings fell 2.3% from SAR 334.2 million.
Total Shareholders’ equity, no minority interest, rose to SAR 3.99 billion as of December 31, 2023, compared to SAR 3.04 billion a year earlier.
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