Riyadh – Mubasher: Elm company has penned a memorandum of understanding (MoU) with CyShield Technology to explore opportunities for developing cooperation and expanding business in the Egyptian market.

Through the agreement, the two parties seek to boost partnership in the digital sector, according to a press release.

It also aligns with Elm’s growth strategy to widen its footprint in the Arab Republic as well as neighbouring countries.

The Saudi firm plans to provide the needed tools that cope with digital transformation and technological advancement. It will also offer customised solutions to meet the evolving requirements of both individuals and businesses in this digital era.

Majid Al Arifi, Vice President of Marketing at Elm, highlighted that the MoU enables both sides to leverage opportunities in the regional and global markets to enhance their footprint within these landscapes and create new joint digital business ventures.

In the first half (H1) of 2023, Elm witnessed 56.53% higher net profits after Zakat and tax at SAR 695 million, compared to SAR 444 million in H1-22.

Revenues grew by 26.32% to SAR 2.69 billion in H1-23 from SAR 2.13 billion a year earlier, while the earnings per share (EPS) enlarged to SAR 8.95 from SAR 5.68.