SISCO expects positive impact from Jeddah Islamic Port lease extension

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Kindasa Water Services’ decision to extend lease for the desalination plant at Jeddah Islamic Port (JIP) will have a positive impact on Sustained Infrastructure Holding Co.’s (SISCO) consolidated net income and Kindasa’s net profit as of Q4 2024, the Tadawul-listed firm said in a statement.

 

SISCO owns a 65% stake in Kindasa.

 

The contract is an extension on an existing lease—announced on on May 17, 2023—and, therefore, has no specific value, the statement noted.

 

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Kindasa signed on Sept. 16 a contract with the Saudi Ports Authority (MAWANI) to extend its lease for the desalination plant at JIP for 10 years, Argaam reported. 

 

In May 2023, Kindasa received a five-year extension to its contract with MAWANI, effective from June 2022.

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