Saudi Azm signs contract to provide second class of program services to support SMEs

Logo of Saudi Azm for Communication and Information Technology Co. (Saudi Azm)

Saudi Azm for Communication and Information Technology Co. (Saudi Azm) signed a contract with Small and Medium Enterprises General Authority (Monshaat) on March 1, according to a bourse statement.

The contract involves operating and providing the second class of program services to support the growth of small and medium enterprises (SMEs).

The contract value is more than 5% of Saudi Azm’s total revenues, according to the 2021 financial statements, the statement noted, adding that the duration is 18 months from the start of the project.

This contract is expected to have a positive financial impact on the company's financial results for 2022.

There are no related parties, the statement said.