Al Hammadi Company for Development and Investment has said that one of its wholly-owned subsidiaries will supply the Saudi Ministry of Health with vaccines worth SAR 20 million ($5.3 million) over the coming period.
This transaction’s financial impact is forecast to appear in Al Hammadi’s financial results for the first quarter of 2019, with the deal forecast to be signed by the end of March 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
Al Hammadi Company for Development and Investment last reported a 9.6% year-on-year decline in net profits for the third quarter of 2018, totaling SAR 21.31 million, versus SAR 23.58 million in the same quarter during 2017.
The firm’s profits also tumbled 6.59% in the first nine months of the year, reaching SAR 72.123 million compared to SAR 77.21 million in the corresponding months of 2017.
Al Hammadi Company’s stock levelled down 1.12% to close Wednesday’s trading session at SAR 24.62.