Elm inks contract with Interior Ministry for vehicle security systems, field inspection gates

Logo of Elm Co.

Elm Co. signed today, Nov. 15, a one-year contract with the Ministry of Interior to install vehicle security systems and field inspection gates, according to a statement to Tadawul.   

Under the deal, the company will provide the necessary hardware, equipment, systems, training and licenses for the performance of the contract.  

The relevant financial impact will reflect on the company’s revenue starting from the date of signing the minutes of business commencement, which is expected in Q4 2022.  

The deal included two related parties. Chairman Raed Ahmed and board member Abdullah Al-Rabiah have indirect interests. 

Elm Co. received, on May 31, a notification of award for a project worth SAR 206.74 million, including value-added tax (VAT), from the Ministry of Interior, according to Argaam.