The Clap
Atheeb Telecom (7040) signed two contracts with the UAE-based companies Tabuk and Najran worth a total of around SAR 105.2mn.
What
The first contract with Najran is worth SAR 77mn and will seek to provide communications and information technology services, consulting, and digital transformation solutions over 60 months.
The second contract with Tabuk is worth SAR 28.2mn and will look to provide consulting services and digital transformation solutions over 36 months.
So What
The financial impact of the two contracts will be reflected in its revenues and financial results starting from the fiscal Q1 2023 until the end of the two contracts.
Now What
Atheeb Telecom confirmed that there are no related parties in the two contracts.