Riyadh – Mubasher: Elm Company has signed an agreement with the Ministry of Interior and the Saudi Data and AI Authority (SDAIA) to develop and provide products and services.

Signed on 9 July 2024, the agreement has a duration of 10 years starting from 1 January, according to a bourse filing.

The agreement does not specify a fixed amount. In 2023, the revenue generated from the products and services covered by this agreement accounted for approximately 42% of the company’s total revenue.

It is worth noting that Elm posted a 7.14% year-on-year (YoY) increase in net profit to SAR 345 million in the first quarter (Q1) of 2024 from SAR 322 million.

In 2023, Elm reported a 28.05% YoY growth in revenues, rising to SAR 5.89 billion last year from SAR 4.60 billion.