$3.73mln deal announced by Naseej for Technology 2023

According to a document filed with the market, Naseej for Technology Company has signed a contract with the Saudi Ministry of Culture for a project that has a value of SAR 14 million.

As part of the arrangement, the company will be responsible for the creative treatment of the Ministry of Culture’s historical assets while they are being digitized, sterilized, and restored over the course of the next twenty-four months.

The contract wasn’t officially signed until the 7th of June 2023, and it wasn’t awarded until the 9th of February 2023.

It was the expectation of Naseej for Technology that the contract would have a favorable impact on the company’s financial statements for the years 2023 and 2024.

In January of this year, the firm entered into a project agreement with the Saudi Ministry of Education for the sum of 56.98 million Saudi Riyals to protect users’ access to various information resources.

Naseej for Technology reported a net profit of SAR 22.08 million after zakat and taxes for the 12-month period that concluded on 31 December 2022. This figure represents a 5.80% increase in net profits when compared to SAR 20.87 million for the same period in the previous year.

Earnings per share (EPS) climbed to SAR 4.37 from SAR 4.14, while revenues increased by 10.62% to SAR 215.06 million from SAR 194.42 million in the previous year.

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