Riyadh – Mubasher: Abdullah Al Othaim Markets Company renewed a lease contract worth SAR 633.70 million for the commercial complex in Dammam City on 20 April 2024.
The deal has an annual rental value of SAR 39 million in addition to a compounded increase of %4% every three years, according to a bourse filing.
The renewal period for the deal will commence after the expiration of the current contract, starting on 9 June 2028.
Othaim Markets highlighted that the contract will reflect on its income results with a profit of approximately SAR 300 million.
Meanwhile, the revenue and expenses associated with the contract are reported from the contract signing date until the end of the renewed period per the International Financial Reporting Standard (IFRS 16).
The Tadawul-listed firm posted 6.58% year-on-year (YoY) higher net profits at SAR 523.09 million in 2024, compared to SAR 490.77 million.
