3 days ago
KEC says related-party deals hit 1% of revenue
Knowledge Economic City (KEC) said related-party transactions with board members, covering the sale of residential units in the currently marketed Al Olaya housing project, exceeded 1% of revenue, as per the latest audited annual income statement.
The company added in a Tadawul filing that the units are being sold in the normal course of doing business, at prevailing market prices and based on publicly-disclosed terms.
The Al Olaya project is a mixed-use development in KEC, featuring 1,082 under-construction apartments being offered for off-plan sales. To date, 283 units have been sold, with 799 others still pending.
According to Argaam calculations, around SAR 1.59 million is equivalent to 1% of KEC's 2024 revenues, based on an overall topline of SAR 158.8 million.
