Key Operations & Public Good Services Achievements • Occupancy rate increased to 95% in 2023 from 93% in 2022 , largely due to an increase in occupancy in Oteiqah Central Market from 67% to 95%. • Market revenue increased by 35.2 Mn SAR from 2022 to 2023 (94 Mn SAR in 2022 to 129.2 Mn SAR in 2023). • Increased recurring revenue by 16% from 2022 to 2023 through reviewing pricing strategy , introducing new leasable units , and utilizing coupons. • Obtained civil defense licenses for all our assets , contributing to the raise in occupancy rates. • Launched the second edition of the Oteiqah Dates Season in Oteiqah Central Market , which saw over 800 thousand visitors in comparison to 300 thousand in the first edition , the trading of over 14 thousand tons of dates , renting units to over 70 merchants , and increased visitor satisfaction. This edition also saw an improvement in financial sustainability by obtaining sponsorships amounting to over 1 Mn SAR. We have also consolidated our institutional and organizational efforts through issuing civil defense licenses , reviewing global initiatives to implement best practices , and cooperating with the third sector , signing many agreements to support Saudization in our sectors , and providing electronic payment options for businesses in our market. Finally , the Oteiqah Dates Season launched its second edition in 2023 , attracting more than 800 , 000 visitors within four months. We plan to continue its evolution as it becomes a starting point towards several seasons for various types of fresh produce throughout the Kingdom. Operations & Public Good Services As part of our commitment to our 2023 slogan , “Leverage Capabilities for Growth” , we have been working to cement our values within our practice and build effective governance for our business. We set forth a plan to maximize total shareholder return and raise operational efficiency , which led to raising the occupancy rates in the centers and markets to 94% , and the increase of revenues in our centers and markets by 16% compared to 2022. Additionally , Alaziziyah Fruits & Vegetable Market revenue has increased by 40% as a result of our efforts. ARDCO continuously seeks to improve through developing the infrastructure and urban landscape of our assets , reviewing asset price strategies periodically , and digitizing our operational and leasing processes , which allows for smooth integration with government systems and stakeholder follow-up.
• Better cooperation and alignment with MEWA by achieving agreement requirements and partnering across multiple initiatives • Developed an operational and leasing program across all centers and markets to facilitate connectivity with other government and financial systems , allowing access to data and information to support decision making. • Developed a digital platform allowing merchants and partners in AlAziziyah Central Market to view rentable units , prices , and contact the market management team. • Signed agreements with 4 partners across multiple channels , including Jahez (sponsorship and logistical cooperation in Oteiqah Dates Season) , Monshaat and Social Development Bank (Saudization initiatives) , Neoleap (implementation of electronic payment systems) , and Khairat (community initiatives)
Monsha’at and the Social Development Bank “Tawteen Initiatives”
NewLeap “Development of Financial and Digital Systems”
Khiyrat for Food Preservation “community initiatives”
Jahez Company “for care and cooperation in logistical services in the Atiqa season”
Occupancy rates for markets
Center
Occupancy rates 2023
100%
Office building
95%
Otaiqah Market
98%
AlTameer Wholesale Center
800 Visitors (Thousands )
14 tons of dates (thousands )
+70 Traders
92%
Riyadh market
Public Transport Center
78%
AlAziziyah Fruits & Vegetable Market Car Auction
98%
89%
94%
Total
20
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