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Al Arabia acquires Faden Media for over SAR 1bn

Al Arabia acquires Faden Media for over SAR 1bn
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ALARABIA
4071
33.79% 271.60 68.60

Riyadh - Mubasher: Arabian Contracting Services Company (Al Arabia) recently announced completing the 100% equity acquisition of Faden Media for a total value of SAR 1.05 billion.

Al Arabia is currently working to meet the conditions set by the General Authority for Competition within a six-month given timeframe, according to a bourse disclosure.

The takeover deal, which was concluded on 31 October 2023, is part of the listed company’s strategy to enter profitable alliances and partnerships on the local and regional levels in order to advance its position, maintain its leading role, and enhance its market share.

Al Arabia expected the financial impact of the acquisition transaction to reflect on its income statements during the fourth quarter (Q4) of 2023 when the financial statements are consolidated with Faden Media, which is a Riyadh-based company founded in 2006.

During the first nine months (9M) of 2023, the listed firm generated higher net profits at SAR 238.79 million when compared to the same period in 2022 in addition to revenues worth SAR 910.67 million.

Meanwhile, in the first half (H1) of 2023, Al Arabia's net profits after Zakat and tax increased to SAR 175.86 million, while its revenues grew to SAR 606.68 million.