Al Othaim says related-party deals reach 1% of annual revenue

Logo of Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co. said its ongoing transactions with subsidiary Mueen Human Resources Co. reached 1% of total revenue, based on the latest audited annual results.

The labor supply contract runs for two years, renews automatically, and has a variable value assessed annually based on the company’s requirements.

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The company said the deal is part of its ordinary course of business, carried out under standard commercial terms, and disclosed in line with Article 65, paragraph 11, of the Securities Offering and Ongoing Obligations Rules.

According to Argaam estimates, 1% of Al Othaim’s 2024 revenue is about SAR 107.2 million out of total revenue of SAR 10.7 billion.