Riyadh - Mubasher: MBC Media KSA Limited, a wholly-owned subsidiary of MBC Group, sealed a services agreement with Sela Company on 31 December 2024, according to a bourse filing.
The deal covers providing production and management services for the 2025 Joy Awards ceremony in Saudi Arabia, a ceremony organised by the General Entertainment Authority.
The value of the contract exceeds 10% of MBC Group’s total revenue according to the latest audited annual financial statements for 2023.
MBC Media will provide production and management services for the Joy Awards ceremony scheduled to take place on 18 January 2025.
On its part, Sela will fund the Joy Awards ceremony and pay the agreed budget to MBC Media, covering the ceremony costs, including the management fees.
The joint deal is expected to expire on 31 January 2025 and reflect on the listed group’s financial results for 2025.
In the first nine months (9M) of 2024, the company’s net profits hiked by 378% year-on-year (YoY) to SAR 250.51 million.
