Al-Modawat starts hospital expansion worth SAR 3.2M

Logo of Al-Modawat Specialized Medical Co.

Al-Modawat Specialized Medical Co.’s board of directors decided, on March 16, to start the hospital building expansion project, due to the high occupancy rates. The estimated value of the project is SAR 3.2 million.

According to a statement to Tadawul, the value of the project includes constructions and equipment, but not the costs of the workforce. The project will be financed through internal revenue.

The duration is 10 months starting from March 17, 2024, the statement noted, adding that this expansion is considered one of the company’s strategic and most important expansion initiatives for this year.

The implementation of the project will be in three phases, with the first and second phases are expected to be complete in October 2024, and the third phase by the end of December 2024, the statement pointed out.

The company expects the trial operation of the first and second phases to begin in November 2024, and the third phase in January 2025. The financial impact of the project is expected to begin in the first quarter of 2025 by a rise in revenue.

The company's engineering department is the implementing agency for the project, the statement added, noting that there are no related parties so far.