Shalfa (9613) Wins a SAR 366 Million School-Services Contract, Worth Most of a Year's Revenue

Shalfa Facilities Management (Nomu: 9613) signed a SAR 366.4 million contract with Tatweer Buildings to run cleaning, maintenance, and gatekeeping at school buildings across the Qassim region, a single award worth about 81 percent of the company's annual revenue. The three-year deal starts feeding the books in the second half of 2026.

For a company Shalfa's size, that is a backlog event. The contract value is roughly 146 percent of Shalfa's market capitalization of around SAR 251 million, and the annual run-rate of about SAR 122 million is close to 27 percent of trailing revenue. It lands on top of a top line that already grew 41 percent in 2025 to SAR 451 million, and it strengthens the case for the company's pending move from the Nomu parallel market to the main board.

The margin caveat

Facilities management for the government is steady but thin. Shalfa's net margin runs around 5.6 percent, so the contract adds a lot of revenue and contracted visibility rather than a lot of profit. The value here is durability and scale, three years of known work with a government-linked counterparty, which is exactly what supports a main-market listing application and a higher-quality investor base.

The sector read

Tatweer Buildings sits on a large pipeline of school infrastructure under the Ministry of Education, so the award points to more facilities-management work flowing to listed operators. It also fits the broader Vision 2030 pattern of the state owning the assets and the private sector running them. Names across cleaning, catering, and integrated FM services benefit from the same trend.

The signal to watch is the main-market transfer. If Shalfa moves from Nomu to TASI on the back of a backlog like this, it re-rates into a deeper, more liquid pool of capital. The contract is the kind of anchor that makes that case.