SIECO sees SAR 1.3 mln impact from canceled Afia contract

23/02/2016 Argaam

Saudi Industrial Export Co. (SIECO) has said Afia International Co.’s decision to cancel its distribution contract with Shahad Al Sahra Trading Co. will result in a negative impact of SAR 1.3 million, or 18 percent gross profit from fiscal year 2015, the company said in a statement.

 

SIECO posted a gross profit of SAR 7.3 million in FY-2015.

 

Last week, SIECO said Afia terminated its distribution contract with Shahad Al Sahra​ Trading, an affiliate of SIECO, due to low financial returns and delayed deliveries.

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