Riyadh – Mubasher: The National Company for Glass Industries (Zoujaj) inked a lease contract with the Third Data Investment Company on 17 January 2023 for 15 years.
The agreement covers leasing a land plot in Dammam city for an annual value of SAR 2.50 million, with a 5% increase to be implemented every three years, according to a bourse filing.
Third Data Investment plans to utilise the land to establish a data centre this year.
Zoujaj pointed out that the deal will commence reflecting on its income statements during 2023.
Meanwhile, the two parties have the option to extend the contract’s duration for additional five years.
Last month, Zoujaj announced cash dividends distribution worth SAR 16.45 million for the second half (H2) of 2022.
In the first nine months (9M) of 2022, the Tadawul-listed company achieved net profits after Zakat and tax worth SAR 92.70 million, an annual leap of 138.30% from SAR 38.90 million.
Revenues surged by 39.62% to SAR 81.40 million in 9M-22 from SAR 58.30 million in 9M-21, whereas the earnings per share (EPS) increased to SAR 2.82 from SAR 1.18.
