Riyadh – Mubasher: Smart Cities Solutions Company, a subsidiary of Batic Investments and Logistics Company penned an agreement with Arabian Internet and Telecommunication Services Company (solutions) on 20 April 2024.
The joint deal covers the provision of qualified employees with the mechanisms to manage, operate, and maintain smart public parking spaces in Riyadh, according to a bourse filing.
Upon full capacity, the contract value could exceed 10% of Batic Investments’ 2023 audited annual revenues that were registered in 2023.
In the first phase, the project targets 164,000 public parking spaces covering 12 zones within the city.
Batic Investments highlighted that the 10-year agreement will reflect on its financial statements during the fourth quarter (Q4) of 2024.
In 2023, Batic Investments incurred net losses valued at SAR 13.89 million, lower by 54.95% year-on-year (YoY) than SAR 30.83 million.
Meanwhile, solutions recorded 13.20% YoY higher net profits at SAR 1.19 billion in 2023, compared to SAR 1.05 billion.
