Tabadul, one of Elm subsidiaries, signs Revenue-Sharing Agreement with Zakat Authority

Elm Company announced on Wednesday that one of its wholly owned subsidiaries Saudi Company for Exchanging Digital Information (Tabadul) has signed a Revenue-Sharing Agreement with Zakat, Tax and Customs Authority, as the contract duration is Five Years starting from the issuance of the effectiveness date certificate.
The Company said Today on Tadawul that the Agreement value exceeds 5% of total revenue as per the latest audited annual financial statements for the year 2021. The Agreement does not specify a total fixed value. The value of the Agreement is determined by the number of executed transactions, and Tabadul receives a percentage of the fees of such transactions.
It explained that the financial impact of this Agreement will be reflected in the subsidiary’s results during the years of the Agreement and in accordance with the volume of transactions because that Tabadul receives a percentage of the fees of such transactions.