Riyadh - Mubasher: Umm Al Qura Cement Company (UACC) on Monday revealed that the company conducted a final settlement with Sinoma International Company, the main contractor, on 12 November 2017 over a construction contract for its new factory.

The deal entailed receiving the entire factory from Sinoma and ending the contract against deducting 3.5% for the delay, according to bourse filing.

The total value of the contract is SAR 28 million.

The financial impact of this deduction will be reflected on Umm Al Qura’s profits in the fourth quarter of 2017, the company said in a statement.

By 11:47 am Saudi time, the cement company’s stock grew 1.71% reaching SAR 15.50.