Elm Company has signed a contract to execute the Makkah Route Initiative with the Ministry of Interior, a related party.

The four-month contract is valued at SAR 57.65 million, including the value-added tax (VAT), according to a bourse disclosure on Thursday.

The deal will reflect positively on Elm’s revenue for the year 2022.

Board chairman, Raed Abdullah bin Ahmed, and board member, Abdullah Abdulrahman Alrabeah, have an indirect interest in the contract.

It is worth noting that during the first half (H1) of 2022, Elm Company’s net profits after Zakat and tax surged by 59.14% to SAR 444 million, compared to SAR 279 million in H1-21.