Dubai, UAE — Arabian Internet and Communications Services Co. (solutions) has signed a contract valued at SAR 444 million ($118 million) with the National Center for Government Resource Systems (NCGR).
In a Tadawul disclosure, the company that under the 42-month contract, awarded on April 26, it will support and operate an information technology management program for NCGR. The program is aimed at enabling digital transformation, knowledge transfer and building capabilities.
The relevant financial impact of the contract, which included no related parties, will appear on the company’s financials as of Q3 2023 and along the contract period.
solutions is a subsidiary of Saudi Telecom Company (STC) that provides IT services and solutions to businesses and government agencies in the kingdom. It reported a revenue of SAR 2.7 billion, an increase of 19 percent from the same quarter last year.
The net profit was SAR 304 million, an increase of 7 percent from the same quarter last year, while its total profit was SAR 606 million, an increase of 23 percent from the same quarter last year.
The company’s strong financial performance was driven by continued growth in the IT services market in Saudi Arabia and its focus on innovation and new product development.