Al-Samaani says new production lines 80% complete

The Nomu-listed Al-Samaani Factory for Metal Industries Co. said in a bourse filing that 80 percent of the SAR 2 million debottlenecking scheme was complete.

The remaining production lines are expected to be finalized by September-end.

Operations have been already launched in Q2 2018, while the relevant financial impact will appear on earnings of Q4 2018.

Studies are currently held to fully implement the expansionary plan, as any new updates will be duly disclosed.

Al-Samaani Factory for Metal Industries Co. (Al-Samaani) said it will invest SAR 2 million to add new production lines to its existing facilities.

Al-Samaani is a medium-sized manufacturer of racking systems. In early 2017, it generated SAR 17.5 million from the sale of 20 percent stake in initial public offering (IPO) on parallel stock market (Nomu).

The company had announced that IPO proceeds will be used to add production lines and logistics services.