Saudi tech firms post SAR 12.99bn in H1 revenue, expert hails economic shift

Abdulrahman Al-Mutraf, professor of communications and information technology at King Saud University, said that the results of application and technology service companies listed on the Saudi stock market reflect, in his view, "a structural transformation in the Saudi economy rather than a temporary growth in company performance."

Sector revenues reached SAR 12.99 billion in the first half of 2026, up 14.7% compared to the same period last year, while net profits rose 4.73% to SAR 2.14 billion.

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The sector includes seven listed companies, with the fiscal year for six of them ending in December, while Azm Saudi's fiscal year ends on June 30. Five companies reported net profits in the first half of 2026: Elm, Solutions, ToBe, Al Moammar, and DBS. Meanwhile, Bahr Al Arab posted a quarterly loss at the end of the first half.

Solutions leads in revenue, Elm tops SAR 1 billion in profit

Solutions led the sector in revenue, recording about SAR 6.24 billion in the first half of 2026, a 9% annual increase. The company also posted net profits of SAR 824 million, up 2.1% from the same period last year.

Elm ranked second with revenues of SAR 4.99 billion, marking annual growth of 21.1%. Its net profit exceeded SAR 1.17 billion, a 7.7% increase compared to the first half of last year.

Al Moammar sees fastest revenue growth

Al Moammar placed third in sector revenues, with income rising to SAR 910 million in the first half of 2026, up from SAR 709 million in the same period last year, representing growth of 28.2%.

However, Al Moammar's profits fell to SAR 55.6 million in the first half of 2026, a decrease of 15.85% compared to more than SAR 66.13 million in the same period last year.