SISCO expects positive impact from Jeddah Islamic Port lease extension

Logo of  Sustained Infrastructure Holding Co. (SISCO) 

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.

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.