Saudi Arabia .. “tag” shares ascends to the highest price in two months

The share of the “Wasm” business company for information technology listed on the Saudi Stock Exchange increased by 17.41% at the start of trading to circulate at the price of 39.92 riyals per share, achieving its highest price in two months.

The trading on the share of the business technology marking at that time through 10.27 thousand shares with a value of trading 406.54 thousand riyals.

The highest price for the share at that time was at 41.40 riyals per share during the session, while the lowest price for the share was at 37.40 riyals per share.

The Business Company for Information Technology was established in 2014, and it is a closed joint stock company located in the Al -Mulqa neighborhood in Riyadh. The company currently includes between 51 to 200 employees according to the “LinkedIn” platform, and provides its various services to both the government and private sector.

On February 21, 2024, the company was included in the parallel market “growth” under the trading code 9595, where the offering price reached 49 riyals per share, and 20% of its shares were offered. The stock increased by 26.5% at the end of the first trading session, closed at 62 riyals.

Business Company for Information Technology

In the context of supporting its operational plans, in October 2024, the company obtained funding from the Social Development Bank worth 8.5 million riyals for a period of five years. In December 2024, it strengthened its expansion through a full acquisition of the Technology Valley Company for Information Systems for 8.5 million riyals, with the aim of diversifying its services and expanding its business in the government and private sectors.

Business marks are highlighted as a high -growth Saudi technical company, supported by a successful financial inclusion, strategic financing, and qualitative acquisitions, as well as obtaining prominent contracts with governmental and private bodies. The company is working to diversify its customer base and enhance its presence in the local market.

From a financial point of view, the company achieved during the first half of 2024 a net profit of 1.54 million riyals, compared to 3.33 million riyals in the same period in 2023, and this decrease is mainly due to the high operational costs, as most of the company depends on providing human cadres with specialized skills, which led to an increase in the direct costs of projects.

Despite this, the company recorded a growth in revenue by 23.1% to reach 14.99 million riyals in the first half of 2024, compared to 12.17 million riyals in the same period of the previous year, which reflects the expansion of its activity and improvement of its ability to generate sales.