Saudi Arabia-listed Sadr Logistics has acquired a factory in Riyadh for 4.792 million riyals ($1.2 million) as it looks to expand its production capacity.
The purchase was made through a public auction, the company, which specialises in providing storage and handling solutions, told the Saudi Stock Exchange (Tadawul).
Spanning 5,516 square metres, the new facility in the second industrial area in Riyadh will be used to manufacture and produce Sadr Logistics products.
The company’s net profit plummeted 84 percent to 245,000 riyals in the second quarter of the year compared to 1.5 million riyals during the same period in 2020. The earnings declined despite a 48 percent increase in sales/ revenue during the same period.
“Despite the increase in sales… the net profit during the current quarter decreased… as a result of higher cost of revenue due to higher raw material prices, higher selling and marketing expenses and lower investment income,” the company said in June.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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