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Mohammed Hasan AlNaqool Sons Co. Announces an update on The Board of Directors of Mohammed Hassan Al-Naqool Sons Company decided to approve the establishment of a new concrete plant in the Third Industrial City in Dammam, at its meeting held on: 20/05/2025 AD.
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ALNAQOOL
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1448/01/16 01/07/2026 08:21:02
| Element List | Explanation |
|---|---|
| Introduction | Mohammed Hassan Al-Naqool Sons Company announces the latest developments regarding the Board of Directors’ decision to approve the project to establish a new concrete plant on land leased from the Saudi Authority for Industrial Cities and Technology Zones (MODON) for a period of ten years starting from 06/11/1446 AH, with an area of ​​(8,978.07) square meters in the Third Industrial City in Dammam, at its meeting held on: 20/05/2025 AD. |
| Previous Announcement | The Board of Directors of Mohammed Hassan Al-Naqool Sons Company decided to approve the establishment of a new concrete plant in the Third Industrial City in Dammam, at its meeting held on: 20/05/2025 AD. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-05-21 Corresponding to 1446-11-23 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The company continues to make significant progress in the construction of its new concrete plant in the Third Industrial City in Dammam, with approximately 55% of the project completed. Several key phases of the project have been completed, and the installation of equipment, machinery, and mechanical and electrical works are currently underway according to the approved schedule. The company affirms its commitment to completing the project as planned, with trial and commercial operations of the plant expected to commence, God willing, during the fourth quarter of fiscal year 2026. |
| Reasons For The Delay on The Date of The Event Previously Announced | The adjustment to the expected start date for trial operations is due to delays in obtaining certain licenses and regulatory approvals required for the project, as well as delays in the arrival of some key production line equipment. These delays stemmed from logistical challenges and the impact of regional developments on maritime shipping, necessitating the rescheduling of some implementation phases and installation work. Furthermore, the construction work and the installation of mechanical and electrical equipment and systems took longer than planned to ensure the plant's readiness according to technical specifications and operational requirements. This also included completing the necessary testing, inspections, and initial commissioning before the start of trial production, guaranteeing the plant's full operational readiness and achieving the highest levels of operational efficiency. The company affirms its continued commitment to completing the work according to the approved plans, ensuring the project's readiness and achieving the targeted operational efficiency. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There is no increase in the project cost. |
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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