Riyadh – Mubasher: Thiqah Business Services, a wholly owned subsidiary of Elm Company, signed a contract with the Ministry of Commerce on 8 September 2026 to develop and digitize the ministry's services for electronic delivery to beneficiaries.
The five-year agreement, which commenced on 3 September, operates on a revenue-sharing model where the contract value is determined by the volume of transactions executed rather than a fixed total amount.
The company expects the contract to generate annual revenue equivalent to approximately 19% of Elm’s total revenue based on the audited financial statements for 2025.
Under the terms of the agreement, Thiqah will manage and operate the digital products and services using the ministry's data and systems to improve operational efficiency and beneficiary experience.
This new contract replaces a previous agreement between the ministry and Thiqah with improved commercial terms.
Elm stated that the deal is part of achieving revenue synergies following its 100% acquisition of Thiqah.
The company anticipates a positive financial impact throughout the contract duration as it expands related product development. No related parties were identified in the transaction.
In the first half (H1) 2026, Elm achieved net profits valued at SAR 1.17 billion, an annual increase of 7.74% from SAR 1.09 billion.
