Riyadh –  Zamil Steel Construction Company, a fully-owned subsidiary of Zamil Industrial Investment Company (Zamil Industrial) inked a contract with Maersk Arabia Logistics Services for a SAR 718.75 million project.

Zamil Steel Construction will establish multi-purpose warehouses and a logistics yard for Maersk Arabia Logistics Services at the Jeddah Islamic Port in Jeddah City, according to a bourse disclosure.

It will also provide a range of products, including HVAC systems, steel buildings and structures, insulation panels, and rock wool and fiberglass insulation materials. Solar panels will be installed to generate electrical energy of nearly 15 megawatts (MW).

The agreement covers all work needed for the construction of warehouses, offices, and loading areas, including structural, civil, and finishing, as well as the mechanical, electrical, and plumbing (MEP).

The listed firm noted that the deal will commence reflecting positively on its income statements at the beginning of the second quarter (Q2) of 2023 and upon completion of each phase of the project.

Meanwhile, the contract was signed on 5 March 2023 and holds a duration period of 17 months.

In the first nine months (9M) of 2022, Zamil Industrial swung to net losses after Zakat and tax worth SAR 78.47 million, compared to net profits of SAR 13.11 million in the January-September 2021 period.

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