Saudia Dairy and Foodstuff Co. ("SADAFCO") Announces Construction of a new Depot in Yanbu
| Element List | Explanation |
|---|---|
| Introduction | SADAFCO Board of Directors approved authorizing the Executive Management to proceed with the construction of a new Depot in Yanbu on the leased land from Saudi Industrial Property Authority (Modon) for a period of 20 years commencing 08-03-1444H measuring 5,083 sqm in Makkah Industrial City.
The new Depot, replacing the current rented depot, is expected to offer sustainable infrastructure solutions for both distribution and logistics operations, resulting in future cost savings and growth opportunities. |
| Date of Board Resolution in Regard to the Project | 2023-09-21 Corresponding to 1445-03-06 |
| Project Start Date | Q4 of the fiscal year ending on December 2023 |
| Project Cost | The estimated cost will be approximately SAR 13 million (VAT excluded) |
| Financing method for the project | This project will be financed by Company's own resources |
| Expected completion date of the project | Q3 of the fiscal year ending on December 2024 |
| Expected Impact on the Company’s Financial Results | Future savings and growth will impact the financial results in the coming periods |
| Expected Date on Which the Impact on the Financial Results of the Company will Start | The project completion will impact financially from Q1 of the fiscal year ending on December 2025 |
| Expected Date for the Pilot Production of the Project to Begin | Q4 of the fiscal year ending on December 2024 |
| Duration of the pilot production of the project | 1 month |
| Expected date for the commercial production of the project | Q1 of the fiscal year ending on December 2025 |
| Executing Party/Counter Party in the Project/Contract | Rafic Abdulqadr S. Kriedie For General Contracting Co. Ltd (for the civil work) |
| Related Parties | None |
| Additional Information | Further material updates on the commencement & completion date of the project and its progress will be announced as and when they occur |
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