Riyadh - Mubasher: Saudi Vitrified Clay Pipes Company (SVCP) has signed a purchase agreement on Sunday, 19 April, to acquire 75% of Advanced Piping Solutions for SAR 56.25 million.
The acquisition deal will increase Saudi Vitrified Clay’s revenues realised from other infrastructure investments, excluding sewage projects that include water and drainage systems projects. In addition, it will strengthen its footprint as Advanced Piping’s factories are located in the eastern and western parts of the kingdom, according to a stock exchange statement.
Moreover, the deal aims to diversify Saudi Vitrified Clay’s products and reduce concentration risks.
It is worth noting that in the fiscal year (FY) 2019, the net profits after Zakat and tax of Saudi Vitrified Clay reached SAR 8.8 million, up 100% from SAR 4.4 million in 2018.
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