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Mohammed Hasan AlNaqool Sons Co. Announces The Board of Directors approved the establishment of a new concrete plant in the Third Industrial City in Dammam.
9514
ALNAQOOL
0.32
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1446/11/23 21/05/2025 08:38:08
| Element List | Explanation |
|---|---|
| Introduction | On May 20, 2025, the Board of Directors of Mohammed Hassan Al-Naqool Sons Company approved the commencement of the project to construct a new concrete factory on land leased from the Saudi Authority for Industrial Cities and Technology Zones (MODON) for a period of ten years, starting from November 6, 1446 AH. The land area is 8,978.07 square meters in the Third Industrial City in Dammam. This project aims to increase production capacity by approximately 50%, strengthening the company's position in the market and enabling it to meet the growing demand for its products. |
| Date of Board Resolution in Regard to the Project | 2025-05-20 Corresponding to 1446-11-22 |
| Project Start Date | Second quarter of 2025 |
| Project Cost | The estimated cost is (10,000,000) ten million Saudi riyals. |
| Financing method for the project | From the company's own resources in addition to funding from external parties. |
| Expected completion date of the project | The entire project is expected to be completed in the second half of 2026. |
| Expected Financial Impact of the Project on the Company’s Results | The financial impact of the project is expected to be positively reflected in the company's financial results after the actual start of the new factory's operation. |
| The Start of the Expected Impact of the Project on the Company’s Results | The project is expected to have a positive impact on the company's financial results when it begins operating in the first half of 2026. |
| Expected Date for the Pilot Production of the Project to Begin | During the first half of 2026 |
| Duration of the pilot production of the project | Three months |
| Expected date for the commercial production of the project | During the first half of the fiscal year ending 12/31/2026 |
| Executing Party/Counter Party in the Project/Contract | To be determined later |
| Related Parties | nothing |
| Additional Information | Any developments related to the project will be announced in due course. |
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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