Saudi Fisheries Co. (SFICO) signed a SAR 1.97 million contract on Sunday with Smart Capital Co. Ltd. to renovate the ​its factory and office in Jazan, ​it said in a statement to adawul.

 

Work on the project began on Sunday and is expected to be completed over the next four months.

The upgrades are expected to positively impact the company’s fourth-quarter results, due to enhanced production efficiency, lower industrial production costs and factory renovations, the seafood producer added.

SFICO added that it has partially capitalized on proceeds generated from its 2011 rights issue, which reached 335.4 million, mainly on expansion projects up until the fourth quarter of 2014.

New upgrades were implemented at its plants in Dammam and Jazan at a total value of SAR 1.34 million and SAR 50,400, respectively.

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