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Elm Company announces its interim condensed Consolidated Financial Results for the Period Ending on 30-06-2022 (six months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,0391,0182.061,092-4.85
Gross Profit (Loss) 38330625.16408-6.13
Operational Profit (Loss) 23913478.36270-11.48
Net Profit (Loss) after Zakat and Tax 19511077.27250-22
Total Comprehensive Income 19511077.27250-22
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 2,1311,79118.98
Gross Profit (Loss) 79058135.97
Operational Profit (Loss) 50930367.99
Net Profit (Loss) after Zakat and Tax 44427959.14
Total Comprehensive Income 44427959.14
Total Share Holders Equity (after Deducting Minority Equity) 2,7212,5138.28
Profit (Loss) per Share 5.683.49
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 195 million in Q2 - 2022, with an increase of 76.9% (SR 85 million) compared to the same quarter of the last year. This increase is due to:

Increase in revenue by 2.1% (SR 21 million), which led to an increase in gross profit by 25.3% (SR 77 million). The increase in revenue resulted from an increase in Digital Business by 19.1%, and increase in Professional Services by 62.8%, this was partially offset by the decrease in Business Process Outsourcing by 27.5%.

On the other hand, there was a decrease in operating expenses by 15.7% (SR 27 million), as a result of decrease in expected credit losses by SR 41 million, this was partially offset by the increase in the selling and marketing expenses by SR 5, and increase in the general and administration expenses by SR 8 million.

Furthermore, there was an increase in the other expenses due to recording an impairment of Intangible assets by SR 27 Million, and the increase in Zakat expense by SR 5 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 195 million in Q2 - 2022, with a decrease of 21.9% (SR 55 million) compared to the previous quarter of the current year. This decrease is due to:

Decrease in revenue by 4.9% (SR 53 million), which led to a decrease in gross profit by 6% (SR 24 million). The decrease in revenue resulted from decrease in Business Process Outsourcing by 25.8%, and decrease in Professional Services by 13.3%, this was partially offset by the increase in Digital Business by 8.1%.

On the other hand, there was an increase in operating expenses by 4.7% (SR 7 million), as a result of increase in the selling and marketing expenses by SR 1, and increase in the general and administration expenses by SR 11 million, this was partially offset by the decrease in expected credit losses by SR 6 million.

Furthermore, there was an increase in the other expenses due to recording an impairment of Intangible assets by SR 27 million.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The Company achieved a net profit after Zakat of SR 444 million for the six months period, with an increase of 59.3% (SR 165 million) compared to the same period of the last year. This increase is due to:

Increase in revenue by 18.9% (SR 339 million), which led to an increase in gross profit by 35.9% (SR 209 million). The increase in revenue resulted from an increase in Digital Business by 29.5%, and increase in Professional Services by 82.9%, this was partially offset by the decrease in Business Process Outsourcing by 1.8%.

On the other hand, there was an increase in operating expenses by 1% (SR 3 million), as a result of increase in the selling and marketing expenses by SR 17, and increase in the general and administration expenses by SR 20 million, this was partially offset by the decrease in expected credit losses by SR 36 million.

Furthermore, there was an increase in the other expenses due to recording an impairment of Intangible assets by SR 27 Million, and the increase in Zakat expense by SR 9 Million.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The interim condensed financial statements of the Group have been reviewed for the three and six months periods ended June 30, 2021 by another auditor who has issued an unmodified opinion on these interim condensed consolidated financial statements on September 14, 2021
Reclassification of Comparison Items N/A
Additional Information - EBITDA for the six months period ended June 30, 2022 amounted to SR 563 million compared to SR 356 million for the same quarter of the last year, with an increase of 58.1%.

- For Earning per share calculation purposes, the number of shares for the three and six months periods ended June 30, 2021 has been adjusted retrospectively due to the capital increase.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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