In the prior years, the Company had a Home Ownership Program that offered eligible Saudi employees’ home ownership opportunities. During 2010, the Company constructed and sold 133 residential houses for outright sale to the employees. Houses were sold to eligible employees, and a receivable was recorded against such sale, which does not bear any finance charges and is expected to be collected over a period of 15 years. Deductions are made monthly from the employees’ salaries up to 25% of their basic salaries. The Company has the legal documents of the property as collateral having fair value higher than the receivable balance to be collected from the employee and shall transfer the legal title of those residential houses to the concerned employees at the time of final settlement of the loan.
(a) The movement in employees’ home ownership is as follows:
| Description | 2025 | 2024 |
|---|---|---|
| Opening balance | 711 | 1,950 |
| Deductions from employees’ salary during the year | (657) | (1,311) |
| Finance income due to unwinding | 44 | 72 |
| Closing balance | 98 | 711 |