Riyadh – Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) has signed two contracts worth nearly SAR 94 million with a commercial company specialised in the field of entertainment, according to recent bourse disclosures.
Upon the first deal signed on 15 September 2022, Alhokair Group will offer operational services to entertainment sites under the brand "PlayOCity by Hasbro" for SAR 49.20 million.
Furthermore, the two parties sealed the second agreement on 18 September 2022 at a value of SAR 44.70 million, under which the Tadawul-listed firm will operate entertainment sites under the brand "Cocomelon".
The two contracts, each holding a duration period of four months, are expected to reflect positively on Alhokair Group’s income statements starting from the fourth quarter (Q4) of 2022.
The Saudi group indicated that it has exclusive rights to both brands, adding that it will disclose any further developments in due time.
A week ago, the Capital Market Authority (CMA) granted its approval for Alhokair Group’s 51.54% capital reduction to SAR 315 million from SAR 650 million.
During the first half (H1) of 2022, Alhokair Group registered net losses after Zakat and tax worth SAR 66.34 million, lower by 48.99% than SAR 130.05 million in H1-21.
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