Naqi Water signs contract to purchase poultry project for producing table eggs at SAR 7 mln

Naqi Water Co. announced on Tuesday it signed a contract to purchase a Poultry project for producing table eggs in Qassim on 447,676 Squared Meters of land for SAR 7,000,000 (Seven Million Saudi Riyals).

The project consists of owned land, poultry breeding sheds, egg-laying chicken coops, and poultry farming supplies and operating equipment, in addition to an eggs production license issued from the Ministry of Environment, Water and Agriculture.

Naqi Company plans to actively invest in the poultry sector as part of its diversification strategy and due to the strong opportunity for this business, this investment has been decided as part of Naqi’s plans to diversify its operations and utilize its investing capabilities in the food production sector.

In accordance with Naqi’s strategic plan to expand its operating activities and diversify its segmental operations to enhance the company’s revenues, Naqi has signed a contract to purchase a poultry project that produces table eggs.

Naqi paid SAR 4,000,000 (Four Million Saudi Riyals) as a down payment on the date of signing the contract. The rest of the amount will be paid once the assets ownership transfer is completed and all regulatory actions have been completed.

The Company explained that the total value of the contract will be self-financed by Naqi Water without any external funding.

The company said that the financial impact is expected to appear by the first quarter of 2024, and there are no related parties in this transaction.