Riyadh – Mubasher: Elm Company and National Real Estate Registration Services Company (Real Estate Registry – RER) inked a SAR 56.83 million contract on 18 June.
The two entities will join forces to develop and operate a real estate registry platform, according to a bourse disclosure.
Meanwhile, the development agreement holds a duration period of 51 months.
Elm forecast that the deal will reflect on its income statements during the second quarter (Q2) of 2023.
It is worth noting that the Real Estate Registry is owned by the Saudi Public Investment Fund (PIF). It manages real estate registration and undertakes title registration activities.
As of 31 March 2023, Elm recorded net profits after Zakat and tax valued at SAR 322 million, an annual increase of 28.80% from SAR 250 million.
Revenues surged by 17.95% to SAR 1.28 billion in Q1-23 from SAR 1.09 billion in Q1-22, while the earnings per share (EPS) grew to SAR 4.15 from SAR 3.17.
