Saudi Arabia.. Mayar Holding shares rise after increasing the value of the “NEOM” contract

The shares of Mayar Holding Company, listed and traded on the Saudi Stock Market (Tadawul), rose after it announced an increase in the value of the NEOM project contract awarded to its subsidiary, Saudi Drip Irrigation, in cooperation with NEOM, at the beginning of the year. Thursday’s transactions.

The stock rose by 4.73%, trading at 3.32 riyals per share.

Mayar Holding Company explained that its subsidiary, Saudi Drip Irrigation Company, had signed an agreement with NEOM on November 9, 2023, related to operation and maintenance work within the NEOM project.

The company had previously announced the signing of the contract in the amount of 28.87 million riyals, excluding value-added tax.

Mayar Holding Company added that it will increase the value of the NEOM project contract by 8%, equivalent to 2.27 million riyals, excluding value-added tax.

The company stated that it expects a positive financial impact of this increase on its financial performance during the current year 2025.

Trading in Mayar Holding shares at that time amounted to 60,859 thousand shares, with a trading value of 197,986 thousand riyals.

The highest price per share at that time was 3.32 riyals, while the lowest price per share was 3.18 riyals.

Mayar Holding Company is a closed Saudi joint stock company, and began its activity by establishing the Gulf Elevators and Escalators Company Limited in 1999.