RIYADH: Saudi-based digital security firm Elm Co. recorded an increase in profits of 85 percent on an annual basis in its first post-listing earnings results.

After an $820 million initial public offering and a stellar debut, profits of the PIF-owned firm jumped from SR308 million ($82 million) to SR576 million in 2021, according to a bourse filing.

This came as revenues soared almost 55 percent year-on-year to as high as SR1.36 billion.

Based in Riyadh, Elm provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.