RIYADH: Elm Co., a Saudi-based digital security firm, saw its profit surge 59 percent in the first half of 2022 on the back of a rise in revenue.
Its profit soared to SR444 million ($118 million), compared to SR279 million in the previous year’s first half, according to a bourse filing.
This was coupled with a revenue jump of 19 percent to SR2.13 billion, buoyed by higher sales from the digital business unit by 30 percent and business process outsourcing by 83 percent.
Expenses were up 1 percent year-on-year due to higher marketing and administration expenses, which were partially offset by a decline in expected credit losses.
Based in Riyadh and owned by the Public Investment Fund, Elm provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.