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Arabian Contracting Services Co. announced the signing of a licensing contract for the exploitation of 24 sites on the North Coast in Egypt, including 12 sites to install 64 billboards on roads, and 6 sites to install digital billboards on bridges, in addition to 6 sites to install unipole billboards. The value of the contract is EGP 50.4 million, which is equivalent to SAR 6.1 million.
The company stated on Tadawul that the duration of the contract is one year, and it is automatically renewed annually as stipulated in the contract, with the financial impact expected to be reflected in the annual (consolidated) financial statements for the fiscal year 2023.
There have been modifications to the licensed sites available for exploitation, with the initial count of 17 sites being increased to 24 sites. Additionally, small billboards were replaced with larger advertising formats. As a result, the total number of billboards decreased from 174 to 64; with the addition of 6 unipole billboards, the change in the foreign exchange rate had an impact on the decrease in the value of the contract in Saudi currency from SAR 9.2 million to SAR 6.1 million
This came in reference to the company’s previous announcement regarding the last updates on contract award through its arm Arabiya United for Advertising Service (an associate company), to rent sites for the installation of billboards with a coverage of 89% of the bridge’s sites on the North Coast (City of El Alamein) in Egypt.