Riyadh – Mubasher: The Arabian Spring and Foam Mattresses Manufacturing Company (Sleep High), an Egypt-based subsidiary of Saudi Industrial Development Company (SIDC), opened its first branch in the City Stars Center
Through the branch in Nasr City, Sleep High will sell its products in line with its plans to boost sales and expand its customer base, according to a bourse disclosure.
Sleep High is considered one of the leading companies in the field of foam and mattress manufacturing in the Arab Republic.
SIDC highlighted that the financial impact of this branch will be reflected in the company's revenues during 2024.
Last June, the Tadawul-listed company submitted a capital reduction application file to the Capital Market Authority (CMA) to lower its accumulated losses.
As of 31 March 2024, SIDC incurred accumulated losses valued at SAR 268.87 million, equivalent to 67.22% of the capital.
