Riyadh – Mubasher: Saudi Arabia-based National Gas and Industrialization Co. (GASCO) on Wednesday has signed a SAR 242.5 million contract to lease its land plot in Al Olaya, Riyadh, to RAKAA Holding Co.
With a 27-month grace period, the rent will be paid in annual installments over 20 years, according to a statement to the Saudi Stock Exchange (Tadawul).
GASCO further noted that the agreement comes into effect on 20 June, while its financial impact will start to appear in its financial results as of the third quarter of 2020.
On Monday, 7 May, the Tadawul-listed firm posted a 40% year-on-year decrease in its net profits, recording SAR 38.83 million in Q1-18, from SAR 64.98 million in the comparative period of 2017.
By 11:18 am KSA time, GASCO’s stock inched up 0.61% to SAR 29.80.
