Riyadh – Mubasher: Enma Alrawabi Company inked a lease contract with Saudi Mining Services Company (ESNAD) for a commercial building in Riyadh at a value of SAR 45.71 million.

The awarding and signing dates of the deal were on 2 January 2023, according to a bourse filing.

Meanwhile, the agreement holds a five-year duration period, starting from 15 May this year.

The project will reflect positively on Enma Alrawabi’s financial results during the first half (H1) of 2023,.

Furthermore, the company’s income will increase by SAR 2.10 million annually in the first three years of the contract and by SAR 3.22 million in each of the remaining two years.

The Saudi listed firm will unveil any further developments regarding the contract and the project in due course.

Last month, Enma Alrawabi appointed Saud Sayyaf Al Quaifil as its new CEO, following the resignation of Mohammed Mansour Othman Abahussain.

In H1-22, the net profits after Zakat and tax of Enma Alrawabi reached SAR 12.37 million, lower by 3.40% year-on-year (YoY) than SAR 12.81 million.

Revenues grew by 2.27% to SAR 20.04 million in H1-22 from SAR 19.60 million in H1-21, whereas the earnings per share (EPS) edged down to SAR 0.31 from SAR 0.32.