Elm Company has awarded a SAR 75.90 million health insurance contract for its employees to The Company for Cooperative Insurance.

The agreement’s term amount for one year starting from 30 June 2024, according to a bourse filing.

The financial impact of the deal on Elm will take place in the second half (H2) of 2024 and H1-25.

The deal is expected to have a positive impact on Tawuniya’s revenues during 2024.

During the first quarter (Q1) of 2024, Elm posted a 7.14% year-on-year (YoY) growth in net profit to SAR 345 million from SAR 322 million.

Tawuniya’s net profit after Zakat attributable to shareholders jumped 164.12% YoY to SAR 196.69 million in Q1-24 from SAR 74.46 million.

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