Saudi Automotive Services Company (SASCO) announces signing of investment contracts with State Properties General Authority

Saudi Automotive Services Company (SASCO) announces signing of investment contracts with State Properties General Authority

Announcement Detail

Saudi Automotive Services Company (SASCO) announces that on January 18, 2024, it has completed signing of three investment contracts for fuel station sites in the Eastern Province with the State Properties General Authority (Dammam - Abu Hadriyah Road, with an area of 40 thousand square meters, Al-Nairiya - Abu Hadriyah Road, with an area of 17.9 thousand square meters and Al-Ahsa - Khurais Road, with an area of 22 thousand square meters). The contract’s value are 3.4 million riyals, increasing every 5 years at a rate of 10% for 15 years each, no related parties on this agreement. It is expect that the operation of these sites will contribute to a gradual increase in revenues, which will be reflected in the company’s operating profits, and the financial impact of this will show on second quarter of 2024. This contract comes within the company’s expansion plan and its spread in various regions of the Kingdom, as the number of the company’s stations and its subsidiaries reached (541) operating stations throughout the Kingdom after a number of (25) sites were excluded and returned to the owners due to the end of