Elm Company, which specializes in providing digital solutions, achieved a profit growth of 48% in the first quarter of 2022, to about 250 million riyals, after zakat and tax, compared to a net profit of about 169 million riyals in the same quarter of 2021. .
According to Arabiya Net, on a quarterly basis, the net profit of Elm Company increased by 127.27%, compared to a net profit of about 110 million riyals in the fourth quarter of 2021.
Elm Company said in a statement today, Sunday, that the increase in profits in the first quarter of this year, on an annual basis, is due to an increase in revenues by 41%, equivalent to about 318 million riyals to 1.09 billion riyals, compared to about 774 million riyals in the first quarter of 2021. This contributed to a 48% increase in the total profit, with a value of 132 million riyals.
She added that this increase in revenues resulted from an increase in the revenues of the digital business sector by 42.8%, the business support solutions sector by 33.4%, and the professional services sector by 104.8%.
Elm's net profit increased by 84.69% in 2021 to 567 million riyals, compared to 307 million riyals in 2020.
