Itmam says HRSD Ministry project award cancelled with no obligations

Itmam said the project award has been formally cancelled, and the bid bond submitted for the project will be released as its purpose has lapsed

\Itmam Consultancy Co. said it received a letter on Feb. 15 from the Ministry of Human Resources and Social Development (HRSD) notifying it of the cancellation of the award for the project titled “Studying the effects of activating the social responsibility system.”

In a statement to Tadawul, the company said the project award has been formally cancelled and the bid bond submitted for the tender will be released, as it is no longer required. No obligations will arise for the company as a result of the cancellation.

Itmam added that there will be no financial impact on its financial statements, as the final contract was not signed and the project did not commence.

In May 2025, Itmam was awarded a separate project by the HRSD ministry with a total value exceeding 5% of the company’s revenue for 2024, according to Argaam data.