Riyadh – Mubasher: Elm Company signed a SAR 206.73 million agreement with the Saudi Ministry of Interior on 15 November 2022, according to a bourse filing.

The contract covers the provision of security equipment for vehicles and field monitoring gates for 12 months. The firm will offer the required hardware, equipment, systems, training, and licences for the project.

It is worth noting that the ministry awarded the project to Elm on 1 June 2022.

Elm expected that the deal will start reflecting positively on its revenue during the fourth quarter (Q4) of 2022 which is expected to witness the project execution date.

In the first nine months (9M) of 2022, the Saudi company witnessed a 57.11% year-on-year (YoY) hike in net profit after Zakat and tax to SAR 718 million, compared to SAR 457 million.

Revenues amounted to SAR 3.29 billion in 9M-22, up by 19.58% from SAR 2.75 billion in 9M-21.