Elm seeks to diversify investment basket through new companies, acquisitions: exec

Logo of Elm Co.

Elm Co. continues to study the market to diversify its investments by either setting up new companies or making full or partial acquisitions, Spokesperson and Vice President of Marketing Majid bin Saad Al-Arifi told Argaam.

Elm is interested in investing in entrepreneurial projects and companies, supporting entrepreneurs in developing their businesses through financial investment, enhancing innovative and strategic aspects, contributing to capital and providing technical skill support.

Commenting on Elm’s most recent financials, Al-Arifi explained that the continuous growth in profits reflects the efficiency and flexibility of the company's business model, which can face dynamic economic business cycles.

This supports Elm’s long-term sustainable growth methodology, which creates additional value for shareholders.

He pointed out that the efficiency of business model facilitates providing a clear roadmap based on investment, cooperation and national economy diversification.

In addition, it enhances economic growth through digitization to create a solid and sustainable economy.

The executive indicated that profit growth showed the company’s record and positive performance, which was reflected in recent financial results over the past years.

Elm reported a net profit after Zakat and tax of SAR 444 million for the first half of 2022, a leap of 59% from SAR 279 million in the same period last year. The company’s Q2 2022 net profit amounted to SAR 195 million, according to data compiled by Argaam.