Almuneef signs SAR 5.3 mln contract to buy wheat seeds from NADEC

Logo of Almuneef Company for Trade, Industry, Agriculture and Contracting

Almuneef Co. for Trade, Industry, Agriculture and Contracting signed, on Sept. 7, a five-year contract with National Agricultural Development Co. (NADEC) to purchase 2,500 tons of first-generation authenticated wheat seeds production in Hail in 2023. 

In a statement to Tadawul, Almuneef pointed out that the total value of the contract’s value is SAR 5.3 million, excluding value-added tax (VAT), other taxes, fees and costs resulting from the deal. These additional fees will be added to the price when the monthly invoice is issued. 

The financial impact of the transaction is expected to reflect on the company’s results by the end of Q4 2023. 

The deal was concluded within the framework of Almuneef’s annual plans to cover the local market’s wheat season needs across its corporate and farmer clients.