Riyadh – Mubasher: Saudi Airlines Catering Company and Red Sea Global (RSG) signed two agreements at an aggregated value of SAR 9 billion on 3 July.
The first deal covers the building, operating, and transferring of a central production unit for catering and facilities management to serve RSG’s employees at hotel establishments and resorts.
Meanwhile, the second one is for a central laundry to offer laundry services for hotels and resorts, in addition to other facilities and sectors within the Red Sea destination.
Each of the two contracts holds a duration period of 20 years. The first and second agreements are valued at SAR 6.30 billion and SAR 2.70 billion, respectively.
In line with the firm’s strategy to attract new investment opportunities, the two deals are projected to reflect positively on Saudi Airlines Catering’s income statements by the third quarter (Q3) of 2025. Hence, it will boost business sustainability by increasing the company's cash flow and reinforcing its business.
In the first three months (3M) of 2023, the Tadawul-listed firm recorded net profits after Zakat and tax valued at SAR 57.10 million, an annual surge of 61.76% from SAR 35.30 million.
