RIYADH: Outdoor advertising provider Arabian Contracting Services Co., known as Al Arabia, has reported a 718 percent increase in annual profit to SR206 million ($55 million) in 2021, according to a bourse filing.
Profits of the Riyadh-based firm, partly owned by media giant MBC group, soared as the advertising industry rebounded from pandemic-hit 2020, when profits plummeted to SR25 million.
The economic recovery, along with a continued digitization push in the Kingdom, led to a 45 percent increase in revenues year-on-year to SR720 million.
Last month, the company was awarded a contract for 40 digital billboards, valued at $266 million, to be installed on bridges and tunnels in Jeddah.
