At aGlance
WSM for Information Technology Co. is a Saudi joint stock company specialising in technology consulting and digital solutions. Founded in 2014 and headquartered in Riyadh, it has been listed on Tadawul Nomu since February 2024 under ticker 9595.
WSM serves government and private-sector clients across four integrated service lines — professional services, managed services and outsourcing, solutions, and proprietary software products — covering the client journey from advisory and design through build, operation and ongoing support.
In December 2024 WSM fully acquired Wasl Technology for Information Systems, diversifying its services and raising its delivery capacity so the company can build long-term relationships with its clients.
- Year founded
- 2014
- Riyadh, Saudi Arabia
- Regulatory status
- Listed on Nomu
- Since February 2024 — ticker 9595
- Core offering
- Tech consulting & solutions
- Four integrated service lines
- Head office
- Riyadh, KSA
- Kingdom of Saudi Arabia
- Share capital
- SAR 28.6m
- 2.86m shares at SAR 10 nominal
- Revenue mix
- 68% government / 32% private
- From 98% / 2% in FY2024
PerformanceHighlights
In FY2025, adjusted to exclude the non-cash share-based-payment charge
- Revenue
- 50.4M
- From SAR 29.0m in FY2024
- Net profit
- 10.0M
- Adjusted (from SAR 4.9m in FY2024)
- EBITDA
- 14.0M
- Adjusted, 27.8% margin (from SAR 3.3m at a 17.0% margin in FY2024)
- Total equity
- 49.1M
- From SAR 39.3m in FY2024
- Total assets
- 71.0M
- From SAR 70.0m in FY2024
- Leverage
- 0.17x
- Debt/equity — from 0.28x in FY2024 (covenant 3.0x)
LeadershipTeam
Fahad bin Ibrahim Al-Aboud
Chairman of the Board
Dr. Alanoud bint Mohammed Al-Qahtani
Vice-Chairman and Chief Executive Officer
Amal bint Ayed Al-Otaibi
Board Member
Turki bin Abdulrahman Al-Atif
Board Member
Adel bin Saud Al-Mansour
Board Member
First SukukIssuance
Credit-Enhanced Sukuk- Structure:
- Mudaraba & Murabaha
- Offering type:
- Public
- Listing venue:
- Sukuk & Bonds Market (Tadawul)
- Initial first issuance value
- 70,000,000
- Indicative profit rate
- Fixed 8.5%
- Issuance credit rating
- BBB+* national scale
- * Preliminary credit rating
- Distributions
- Semi-annual
- Tenor
- 5 years, investment amount redeemed at maturity
- Zakat
- Sukuk treated as capital, included in the company's zakat base
- Use of proceeds
- General corporate purposes
- Nominal value per sukuk
- 1,000
- Minimum subscription
- One sukuk — SAR 1,000
- Target investors
- Individuals and corporates
- Programme size
- 500,000,000
Credit Enhancement
A 12-month Sukuk Servicing Reserve Account, covering any shortfall in profit distributions and supporting repayment of the final instalment at maturity.
Issuer
Financial Advisor and Sole Arranger
TransactionAdvisors
Financial Advisor & Sole Arranger
Impact46 Financial Company
Sukukholders' Agent, Payment Administrator, Account Bank & Dealer
Value Capital
Credit Rating Agency
Financial Analytics Company
Legal Counsel to the Issuer
Abdulrahman bin Abdulmohsen Alnafea Law Firm
Legal Counsel to the Financial Advisor and Sole Arranger
Norton Rose Fulbright
What isSukuk?
Sukuk are Shariah-compliant financial instruments representing an undivided common ownership interest held by sukukholders under the programme documents, entitling the holder to periodic returns.
Benefits of investing in listed sukuk
Shariah compliance
Compliant with the provisions of Islamic Shariah.
Periodic zakat-treated returns
8.5% per annum, distributed semi-annually.
Tradability
Tradable (buy and sell) once listed.
Investment HighlightsWhy WSM Sukuk
The company carries low debt
Debt stands at roughly 0.17x of shareholders' equity — far below the maximum set out in the sukuk programme covenants (3.0x) — and the company holds more cash than debt.
Growth alongside revenue diversification
Revenue rose 74% during 2025, while reliance on government contracts fell from 98% to 68% of total revenue.
A more stable income source
About 68% of 2025 revenue comes from ongoing, recurring contracts rather than one-off sales, reflecting a greater reliance on continuing contracts than on one-time sales.
Sukuk service reserve account
The company has set aside a reserve account (SSRA) sufficient to cover 12 months of periodic sukuk payments, as an additional liquidity layer. This account does not amount to a full guarantee of payment in all circumstances.
How the proceeds will be used
Proceeds raised from the issuance will be used to support the company's general corporate activities.
How toSubscribe?
01Investment Decision
Read the Base Prospectus and the Applicable Final Terms to understand the sukuk features, risks and eligibility.
Issuance Details Summary- Profit rate
- Fixed 8.5%
- Distributions
- Semi-annual
- Tenor
- 5 years
- Issuance credit rating
- BBB+ — preliminary
- Listing venue
- Sukuk & Bonds Market, Tadawul
- Credit enhancement
- 12-month Sukuk Servicing Reserve Account
For full details, please refer to the Base Prospectus and the Applicable Final Terms.
02Get Ready
Make sure you have opened or already hold an investment account with one of the receiving entities.
Receiving Entities03Subscribe to the Offering
Complete the subscription application form through your receiving entity during the subscription period.
Subscription period:To be announced
04Allocation & Refund of Excess
The issuance size and final allocation are announced, and any excess amount (if any) is refunded.
Allocation and listing dates:To be announced in the Final Terms
Expected Timelinefor the Offering
To be announced
Beginning of the
Offering Period
Subscription in the WSM Sukuk opens for eligible investors, through the receiving entities.
To be announced
End of the
Offering Period
Last day of subscription for all investors. No new or amended orders will be accepted after this date.
To be announced
Announcing the
Final Allocation
The final issuance size is determined, and the final allocation of the Sukuk is announced, with any excess (if any) refunded to subscribers' accounts.
To be announced
Expected Date for Listing
the Sukuk on the Market
Trading of the WSM Sukuk on the Sukuk & Bonds Market is expected to begin once all requirements are satisfied and all related regulatory procedures are complete. The start of trading will be announced on the Saudi Exchange website (www.saudiexchange.sa).
Frequently AskedQuestions
A programme framework that allows WSM to issue Sukuk in multiple series and tranches, with the exact terms set out in the Final Terms for each issuance. The programme size is SAR 500 million and the initial first issuance value is SAR 70 million with a five-year tenor.
This programme utilizes a Mudaraba and Murabaha arrangement. As Rab al-Mal, the Sukukholders' agent contributes the proceeds as Mudaraba capital; as Mudarib, WSM invests that capital into its general Shariah-compliant business pool, alongside commodity Murabaha contracts.
General corporate purposes.
The tenor is 5 years, with bullet repayment of principal at maturity.
Distributions are paid semi-annually at a fixed indicative profit rate of 8.5%. The profit rate is indicative and will be fixed at pricing, as set out in the Final Terms.
The credit enhancement for the programme: a Sukuk Servicing Reserve Account covering 12 months of distributions.
Debt/equity capped at 3.0x, a negative pledge and a cross-default. Debt/equity stood at 0.17x at FY2025.
The Sukuk are listed on the Sukuk & Bonds Market, Tadawul. Subscription is submitted electronically via Tadawul's Subscription Management System through a participating receiving entity, and trading commences once all regulatory and technical procedures are complete.