العربية

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stc
Annual Report
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A brief overview of stc
Group

 

,The performance, activities

and investments of stc Group

and its subsidiaries during

the year 2022

 

Risks management

and transactions with

related parties

 

Board of Directors and
Committees

 

Dividends Policy and Distribution

and Board Recommendations and

Compensation

 

Conclusion

 

Financial Consolidated

Statements

A brief overview of stc Group The performance, activities, and
nvestments of stc Group and
its subsidiaries during the year 2022 Risks management and transactions
with related parties Board of Directors and Committees Dividends Policy and
Distribution and Board
Recommendations and Compensation Conclusion Financial Consolidated
Statements

Transactions with Associate

companies and joint ventures

Associates

The Group trading transactions with related parties during the year ended 31 December were as follows:

Statement (Thousands of Riyals) 2022 2021
Services provided
Associates 336,571 325,354
Joint ventures 7,659 4,260
Total 344,230 329,614
Services received
Associates 13,331 15,029
Joint ventures 427,745 375,999
Total 441,076 391,028

The sale and purchase transactions are carried out by the relevant parties in accordance with the normal terms of dealing. The outstanding balances are unguaranteed, without commission and no guarantees have been provided or received in relation to the balances due or from the related parties.

The following balances were outstanding as at the end of the financial year:

Amounts Due from related parties Amounts due to related parties
Statement (Thousands of Riyals) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021
Associate companies 254,377 292,223 44,532 72,006
Joint ventures 13,185 27,717 178,872 158,634
Total 267,562 319,940 223,404 230,640