Shares of Elm Co., a Saudi-based digital security firm, fell on Sunday, despite a 59 percent profit surge in the first half of 2022.

The company’s share price was down nearly 3 percent to SR284.8 per share ($75.8) at the closing bell.

Its profit soared to SR444 million, compared to SR279 million in the previous year's first half, according to a bourse filing.

This was coupled with a revenue jump of 19 percent to SR2.13 billion, buoyed by higher sales from the digital business unit by 30 percent and business process outsourcing by 83 percent.

Expenses were up 1 percent year-on-year due to higher marketing and administration expenses, which were partially offset by a decline in expected credit losses.

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