Shmoh Almadi inks SAR 8.2M construction contract for new factory
Shmoh Almadi Co. signed, on May 3, a contract with Rokn Al Nile Contracting Co. to implement the concrete and structural works for the construction of a new factory for the former in Buraydah.
Shmoh Almadi Co. signed, on May 3, a contract with Rokn Al Nile Contracting Co. to implement the concrete and structural works for the construction of a new factory for the former in Buraydah.
The contract is valued at SAR 8.15 million (VAT inclusive), the company said in a statement to Tadawul.
According to the 12-month contract, Rokn Al Nile will carry out the work in line with the approved technical and engineering specifications and the conditions required in the contract.
The financial impact is expected to reflect positively on the results when the factory begins operations, the statement added, noting that no related parties are involved in the deal.
The contract is in line with Shmoh Almadi's strategy to establish the factory to expand production capacity by increasing the current output volume With the new factory, Shmoh Almadi seeks to meet the growing demand for its products with high quality standards. This will enhance its competitiveness in the Saudi market and achieve the growth and returns the company targets within its strategy.
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