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Advanced Technology inks deal with Kuwait's health ministry

Advanced Technology inks deal with Kuwait's health ministry
The deal will be matured after 3 years and 3 months
ATC
ATC
-4.10% 398.00 -17.00

Mubasher: Advanced Technology (ATC) signed a tender contract worth KWD 1.411 million to supply and install devices and an automation system to connect secondary blood bank centres with the Ministry of Health’s headquarters.       

The deal carries a maturity period of three years and three months, according to a statement on Monday.

The transaction’s impact will reflect on the income statement as of the third quarter (Q3) of 2020 in line with the installation and supply of the new system. The deal could generate a profit margin of 3%, noting that this percentage is an estimate and not fixed yet subject to change as per various factors, including labour supply and the contract's execution period as well as the actual results of the contract.  

It is worth noting that in the first nine months of 2019, ATC’s net profit dropped 60% annually to KWD 2.24 million, from KWD 5.59 million a year earlier.