Riyadh – Mubasher: Saudi Industrial Services Co. (SISCO) on Wednesday announced the signing of a water utility services deal by its affiliate the Saudi International Water Distribution Company (TAWZEA), the Saudi Industrial Property Authority (MODON), and Saudi Arabian Amiantit.

The deal entails the improvement and management of water utility services in Jeddah second and third industrial cities, SISCO said in a statement to the Saudi Stock Exchange (Tadawul).

The five-year deal could be extended another 25 years as of the execute date, SISCO added, highlighting that its expected revenues from the contract amount to SAR 100 million over five years.

The financial impact of this contract will appear in SISCO’s financial statements for the first quarter of 2018.

“The contract will be self-financing and the company will announce further developments, if any, as they arise,” SISCO concluded.

TAWZEA is 50% owned by SISCO and Amiantit and has a total share capital of SAR 146 million.

SISCO last reported a 63.69% year-on-year drop in profits to SAR 5.7 million in the third quarter of 2017 from SAR 15.7 million. Over the first nine months of 2017, SISCO’s net profit declined 24.67% to SAR 51.9 million from SAR 68.9 million in the year-ago period.