|11 December, 2019

Combined Group’s unit in Saudi Arabia pens $35.5mln tender deal

The tender will positively contribute to the financial results of the company during the undertaking of the project.

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

REUTERS/Faisal Al Nasser

Kuwait - Combined Group Contracting’s (CGC) Saudi Arabia subsidiary signed a tender contract worth KWD 10.746 million ($35.5 million), which covered civil works services for the field in Wafra area, according to the company’s bourse filing.

The contract, which is related to the joint operations of Kuwait Gulf Oil Company (KGOC) and Saudi Arabian Chevron, will run for four years and a half, CGC said in a Wednesday filing to Boursa Kuwait.

The tender will positively contribute to the financial results of the company during the undertaking of the project.

CGC posted a net profit of KWD 3.37 million in the first nine months of 2019, rising by 4% year-on-year from KWD 3.24 million.

Source: Mubasher

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