PIF-owned Elm sees 59% profit surge buoyed by higher revenue

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.