Almuneef signs SAR 3.7M contract with NADEC

Almuneef Co. for Trade, Industry, Agriculture and Contracting signed, on Oct. 14, a contract with National Agricultural Development Co. (NADEC) to purchase 1,500 tons of first generation certified wheat seeds for 2024.

The company in a statement to Tadawul said that the contract value is SAR 3.75 million, excluding VAT and other taxes, fees and costs resulting from this contract. The additional fees will be added to the price when issuing the monthly invoice.

The four-month contract is expected to reflect positively on the company’s financial results by the end of Q4 2024, the statement added.

The agreement aligns with the company's annual plans to meet the local market's wheat cultivation needs for its corporate and farmer clients.