Riyadh - Naqi Water Company has signed an agreement with Belad Al Sham Contracting Company for a project worth SAR 12.31 million to build new poultry houses, which comes within an expansion plan.

The project aims to boost the poultry industry’s production capacity by 450% in addition to enabling an increase to produce nearly 165 million eggs annually, according to a bourse filing.

The project’s commencement date was set as 22 December 2024, with estimates for completion on 21 September 2025. Meanwhile, the commercial production phase is scheduled to begin on 1 November 2025.

Naqi Water stated that the financial impact of the contract is forecast to reflect in the fourth quarter (Q4) of 2025.

Belad Al Sham Contracting is set to carry out the project over two phases, with the first phase to be operational before the entire project is completed, thus enhancing operational efficiency during the first year.

It is worth noting that in the first nine months (9M) of 2024, Naqi Water reported a 28.92% decrease in net profit to SAR 28.84 million in addition to an 8.37% drop in revenue to SAR 174.73 million.

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