SMASCO signs SAR 50M service provision contract

11/02/2025 Argaam
Logo ofSaudi Manpower Solutions Co. (SMASCO)

Logo of Saudi Manpower Solutions Co. (SMASCO)

Saudi Manpower Solutions Co. (SMASCO) signed today, Feb. 11, a workforce service provision contract with Waad Khadmat Al-Munzal for Marketing Co., a limited liability company, estimated at SAR 50 million (VAT exclusive).

 

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In a statement to Tadawul, the company said the financial impact of the two-year contract is expected to be positive on the 2025 and 2026 financials.

 

There are related parties to this agreement, the statement added.

 

Board member Majed Al-Kuraydis has an indirect interest in the contract, as he also serves on the board of Waad, which is 50% owned by Saneem, a wholly owned subsidiary of SMASCO.

 

Additionally, CEO Abdullah Al-Timyat has an indirect interest in the deal, as he is also a board member of Waad.

 

The company emphasized that no preferential treatment was granted under this contract. It merely falls within its normal course of doing business.

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