Wasit Saudi Company for Entertainment and Beauty Systems for Industry,” a subsidiary of “Anaam Holding” (4061), has signed an agreement to establish and operate 42 entertainment and educational centers for kids.
These centers will be located in shopping malls, public parks, government and private schools, and kindergartens across the Kingdom.
Details
The agreement was signed between “Wasit” and the Saudi company “Pausa.”
The value of the agreement is SAR 25 million, and the targets of the pact will be implemented over 24 months.
So What
Anaam explained that “Wasit” will receive an additional percentage for operating these centers.
They expect the financial impact of the agreement to reflect positively in the group’s FY 2024 and 2025 earnings.
Some Context
Pausa is known for its specialization in children’s entertainment and education, owning multiple centers across malls in Riyadh, Jeddah, and Dammam.
It also has strategic partnerships with the Ministry of Culture and several companies, most notably “Toys R Us” and “Al Hokair.”
Anaam saw a 38% YoY hike in profits during the first three months of 2024.
This brought their net income to SAR 4.6 million during the period. This comes on the back of a 20.6% increase in revenues from its subsidiary “Wasit.”
It is worth noting that “Anaam Holding” focuses on income-generating assets and enhancing economic prosperity in the Kingdom.
This is achieved through strategic investments across various sectors.
Their large portfolio includes healthcare, real estate investments, third-party logistics services, industrial investments, and financial services.
