Al Abdullatif inks SAR 47m deal with Ministry of Islamic Affairs

Riyadh – Mubasher: Al Abdullatif Industrial Investment Company has signed a one-year contract with the Ministry of Islamic Affairs, Dawah and Guidance at a value of SAR 46.57 million ($12.42 million) to manufacture and provide carpets for mosques across the nation.

The deal’s financial impact is expected to appear in the firm’s financial results of the first half of 2019, according to a statement to the Saudi Stock Exchange (Tadawul).

Al Abdullatif last reported a 79.1% decrease in net profits, reaching SAR 2.8 million by the end of Q2-18, compared to SAR 13.6 million in Q2-17.

By 11:35 am Saudi time, Al Abdullatif’s stock rose 2.88% to SAR 11.46.

Mubasher Contribution Time: 08-Oct-2018 08:35 (GMT)
Mubasher Last Update Time: 08-Oct-2018 10:07 (GMT)