Sadr Logistics Co. announced the renewal of a three-year lease contract with Al Morabitoon Al Khaleejiah Company Ltd. at a total value of SAR 31.1 million.
In a statement to Tadawul, the company said the contract, renewed on March 1, 2023, will be valid until the end of August 2026.
There are no related parties to this deal, the statement added.
The warehouses include a refrigerated and frozen storage space for storing foodstuffs, in addition to a processing area in the rented warehouses in the third industrial zone in Jeddah for the company’s customers.
The renewal was done following the success of the on-site logistics services project in storing the customers’ frozen foodstuffs.
The renewed contract aims to cover the increasing demand for refrigerated and frozen storage services in the western region amid the company’s plan to maintain continued growth in the logistics services.
The deal will be financed from the company’s internal resources.
Sadr Logistics expects continued growth in the logistics segment and the preservation of existing projects.