PIF-possessed Elm’s share drops regardless of 59 percent inc...| MENAFN.COM

Friday, 07 October 2022 03:57 GMT

PIF-possessed Elm’s share drops regardless of 59 percent income jump in H1


(MENAFN) Stocks of Elm Co., a Saudi-based digital security company, declined on Sunday, regardless of a 59 percent income jump in the January-June period of this year.

The firm’s stock cost was decreased almost 3 percent to SR284.8 a stock (USD75.8) at the ending bell.

In line with a bourse filing its income jumped to SR444 million (around USD118 million), in comparison with SR279 million (nearly USD74,2 million) in the prior year's first six months.

This was together with a revenue surge of 19 percent to SR2.13 billion (nearly USD566 million), sustained by greater sales from the digital business unit by 30 percent and business process outsourcing by 83 percent.

Costs were risen 1 percent yearly because of higher marketing and government costs, which were to a degree counterbalance by a decrease in anticipated credit drops.

Based in Riyadh and possessed by the Public Investment Fund, Elm supplies secure e-business services as well as information technology solutions toward private and public industries businesses in the nation.

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