Maharah Wins SAR 3.04 Billion Project Contract
Saudi Health Systems Company, an affiliate of Maharah Human Resources Company, has successfully obtained a substantial government contract worth SAR 3.04 billion. This contract is anticipated to exert a considerable influence on the healthcare and hospitality sector.
Saudi Health Systems Company
As part of the project agreement, Saudi Health Systems Company will undertake the provision of cooked meals for a duration of three years. This initiative aligns with the broader goal of enhancing food services in the healthcare sector, ensuring quality meals for patients and staff.
Financial Implications for Maharah
Maharah, as the parent company of Saudi Health Systems Company, expects this project award to be reflected in its financial results. Commencing from the third quarter (Q3) of 2023, the financial impact will extend throughout the contract's validity period. This significant contract further strengthens Maharah's position in the healthcare industry.
Strategic Ownership Stake by Growth Avenue Investment Company
It's important to note that Growth Avenue Investment Company, a wholly-owned subsidiary of Maharah, holds a 40% ownership stake in Saudi Health Systems. This strategic investment underscores Maharah's commitment to diversifying its portfolio and expanding its presence in vital sectors.
Cash Dividends Announcement
In an earlier development this month, Maharah announced cash dividends amounting to SAR 45 million for the first half (H1) of 2023. These dividends are scheduled to be disbursed on September 10, 2023, reflecting the company's commitment to delivering value to its shareholders.