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Saudi Automotive Services Company (SASCO) announces signing of investment contracts with State Properties General Authority
| Element List | Explanation |
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| Announcement Detail | Saudi Automotive Services Company (SASCO) announces that on January 18, 2024, it has completed signing of three investment contracts for fuel station sites in the Eastern Province with the State Properties General Authority (Dammam - Abu Hadriyah Road, with an area of 40 thousand square meters, Al-Nairiya - Abu Hadriyah Road, with an area of 17.9 thousand square meters and Al-Ahsa - Khurais Road, with an area of 22 thousand square meters). The contract’s value are 3.4 million riyals, increasing every 5 years at a rate of 10% for 15 years each, no related parties on this agreement. It is expect that the operation of these sites will contribute to a gradual increase in revenues, which will be reflected in the company’s operating profits, and the financial impact of this will show on second quarter of 2024. This contract comes within the company’s expansion plan and its spread in various regions of the Kingdom, as the number of the company’s stations and its subsidiaries reached (541) operating stations throughout the Kingdom after a number of (25) sites were excluded and returned to the owners due to the end of the contractual relationship with them and non-feasibility of operating them. In addition, There are number of (50) sites under construction will be included in the operating stations successively during the year 2024. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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