Al Arabia, an advertising firm, has posted a net profit of $55 million in 2021, a 718 percent jump compared to the previous year.
Profits of the Riyadh-based firm, partly owned by media giant MBC group, soared as the advertising industry rebounded from pandemic-hit 2020, when profits plummeted to SR25 million.
The economic recovery, along with a continued digitization push in the Kingdom, led to a 45 percent increase in revenues year-on-year to SR720 million.
Last month, the company was awarded a contract for 40 digital billboards, valued at $266 million, to be installed on bridges and tunnels in Jeddah.