Riyadh – Mubasher: The Saudi Ground Services Co. (SGS) on Thursday announced extending a non-binding memorandum of understanding (MoU) with Jabal Omar Development Company for six months.

The deal, that will end on 21 August, entails studying the possibility of establishing a new passenger terminal in Jabal Omar’s project in Makkah, according to a statement to the Saudi Stock Exchange (Tadawul).

The two companies signed last February a contract for jointly studying the possibility of establishing a new passenger terminal.

In mid-August 2018, the two Tadawul-listed firms extended a non-binding memorandum of understanding (MoU) until 22 February 2019.

Jabal Omar last reported turning to profitability in the full-year 2018, logging SAR SAR 193.78 million after calculating Zakat and Tax, against a loss of SAR 600.96 million in 2017.

Saudi Ground Services posted a 42% year-on-year decline in its net profit after Zakat and Tax during the third quarter of 2018, recording SAR 92,677 compared to SAR 160,047.

By 10:41 am Saudi time, Jabal Omar Development Company's stock levelled down 0.58% to SAR 34.15, while Saudi Ground Services' stock went up 0.16%, reaching SAR 30.60.