Elm signs extension annex to contract of operating centers with government entity

Logo of Elm Co.

Elm Co. signed today, Aug. 16, an extension annex to the contract of operating centers with a government entity for an additional six months, the company said in a filing to Tadawul.

The extension will not result in increasing the contract value, the company said, adding that the deal's entitlement is based on the performance that is calculated as per the number of executed transactions.

Therefore, 2022 revenue will be based on the volume of transactions sealed throughout the year.

On March 24, Elm obtained an extension and an increase in the value of the contract to operate services centers with a government agency, amounting to SAR 569.96 million (inclusive of value-added tax), according to data available with Argaam.

In 2021, Elm entered the agreement and began its implementation.