Al Kathiri subsidiary signs SAR 30 mln contract to supply ready-mix concrete

Al Kathiri Holding Co. announced that Alian Industry Co., its subsidiary operating in ready-mix concrete, signed today a contract at a value of SAR 29.9 million with Abdul Rahman Saad Al Rashed & Sons Co. to supply 167,096 cubic meters of ready-mix concrete for A-Narges View project in north Riyad, according to a bourse filing.

Al Kathiri Holding Co. announced that Alian Industry Co., its subsidiary operating in ready-mix concrete segment, signed a contract with Abdul Rahman Saad Al Rashed & Sons Co. to supply 167,096 cubic meters of ready-mix concrete for Narjis View project in Riyadh.

According to a bourse filing, the contract is valued at SAR 29.9 million. Its term starts from the date of the signing of contract -- on Nov. 3 -- and ends with the supply of the required quantity of concrete.

The financial impact on the company's results will appear starting from the first quarter of 2022.

There are no related parties.

The statement also noted an update regarding the 7,000 square meters (sqm) land for the construction of a concrete manufacturing plant.

Alian Industry is currently working on the construction and implementation of the concrete plant at the project site, and it expects to complete its construction and start production at the beginning of December 2021, the statement said.

In October, Al Kathiri said Alian Industry received a land plot from the real estate developer, Abdul Rahman Saad Al-Rashid Co., to build a plant for the manufacture and supply of ready-mixed concrete in the second phase of Narjis View project, in Al-Jawan suburb, Argaam reported.