Al Naqool says Egypt expansion project Phase I complete, trial ops begin today

Logo of Mohammed Hasan Al Naqool Sons Co. 

Mohammed Hasan Al Naqool Sons Co. completed the first phase of its expansion project in Egypt with SAR 20 million investments, the firm said in a bourse filing.

In 2019, Al Naqool set up a wholly owned subsidiary in the Al-Alamein region, north of Egypt, to produce cement blocks and concrete. The project was financed from the company’s retained earnings along with additional funding from the founding investors.

The project will begin pilot operations today, June 15, for 60 days, and is forecast to be completed by Q4 2021. Commercial operations will be launched by Q3 2021.

The relevant financial impact will appear in increasing sales revenue as well as operating profit as of H2 2021.

The Saudi Exchange (Tadawul) announced that Al Naqool shares were listed and started trading on Nomu Parallel Market, on June 2, 2021. Al Naqool was established in early 1977 as a Saudi closed shareholding company, with SAR 29 million capital, divided into 2.9 million shares.