SIDC’s Subdiairy Signs Deal Worth $3.46mln/year with Emdad Logistics
Global Marketing Company for Sleeping Systems (Sleep High), a subsidiary of Saudi Industrial Development Company (SIDC), has penned a deal with Emdad Logistics at an estimated annual value of $3.46 million.
Under the three-year agreement, Emdad will handle the transfer and storage process of Sleep High's products until 30 June 2025, according to a bourse filing on Sunday.
The listed firm noted that the deal will reflect on its financials, starting from the third quarter (Q3) of 2022, in line with the volume of operational transactions between the two entities.
The dates of awarding and signing of the contract were 16 and 30 June this year, respectively.
In the first three months (3M) of 2022, SIDC incurred net losses after Zakat and tax of $1.3 million, an annual hike of 175.86% from 460,000.
Moreover, the accumulated losses amounted to $11.25 million in Q1-22, representing 10.63% of the $10.36 million capital.