Logo of Elm Co.
Elm Co., Saudi Arabia’s digital security firm, posted a net profit of SAR 456.6 million in the first nine months of 2021, compared to SAR 174.5 million in the year-earlier period, as shown in the following table:
Income Statement – SAR mln | |||
Item | September 2020 | September 2021 | Change % |
Revenue | 1547.6 | 2758.2 | +78% |
Gross profit | 462.0 | 908.7 | +97% |
Gross profit margins (%) | 29.9 % | 32.9 % | +3% |
Net profit | 174.5 | 456.6 | +162% |
Number of shares (mln) | 80.0 | 80.0 | — |
EPS (SAR) | 2.18 | 5.71 | +162% |
The profit rise was mainly attributed to a 78% surge in revenue to SAR 2.8 billion in the nine-month period, compared to SAR 1.5 billion a year earlier. The company recorded SAR 20.8 million profit from fair value investments and SAR 559.8 million profit from associates.
In Q3 2021, Elm logged earnings of SAR 177.6 million, compared to SAR 148 million in Q3 2020. The third-quarter revenue jumped 57% year-on-year (YoY) to SAR 966.8 million. On the other hand, gross profit margins contracted to 33.9% from 40.1% in Q3 2020.
Income Statement – SAR mln | |||
Item | Q3 2020 | Q3 2021 | Change % |
Revenue | 615.9 | 966.8 | +57% |
Gross profit | 246.9 | 327.3 | +33% |
Gross profit margins (%) | 40.1% | 33.9% | (6.2%) |
Net profit | 148.0 | 177.6 | +20% |
Number of shares (mln) | 80.0 | 80.0 | — |
EPS (SAR) | 1.85 | 2.22 | +20% |
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