Riyadh – Mubasher: Saudi Arabia-based Al Yamamah Steel Industries Co on Monday announced signing a four-year agreement with Spain’s Europea de Construcciones Metalicas, S.A. at a value of SAR 400.3 million ($106.8 million).

Under the deal, Al Yamamah will provide the fourth phase of Dubai Solar Park Project with solar steel structure, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi steel industries further indicated that delivery will begin as of September for 26 months which could be extended upon the two parties’ approval.

“The financial impact of this contract will appear in the quarter ended September 2019 till the end of the 26 months’ supply period that can be extended,” the statement added.

On 11 February, the Tadawul-listed firm reported incurring SAR 30.18 million in losses during its first quarter ended on 31 December 2018, against logging a profit of SAR 6.73 million in Q1-17.

It is worth noting that Al Yamamah Steel Industries’ fiscal year ends on 30 September.

Al Yamamah Steel Industries Co’s stock went up 2.80% to close Monday’s trading session at SAR 14.70.