RIYADH: Shares of Elm Co., a Saudi-based digital security firm, surged 7 percent to SR239 ($64) after it posted a higher profit for the first quarter of 2022.
The company reported a 48 percent increase in profits on a quarterly basis as revenues skyrocketed.
Its profit soared to SR250 million, compared to SR169 million in the previous year's first quarter, according to a bourse filing.
This came as revenues rose almost 41 percent to SR318 million, leading to a 48 percent increase in gross profit.
Revenue growth was attributed to an increase in digital business by 42.8 percent, business process outsourcing by 33.4 percent, and professional services by 104.8 percent.
Profits were also impacted by a 29 percent increase in operating expenses associated with increased sales and marketing.
Based in Riyadh, Elm provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.