Catering inks cSAR500mn contract with Saudia for new Jeddah Airport business lounge
Saudi Airlines Catering Company [6004.SE] signed a contract with Saudi Arabian Airlines (Saudia) to design, construct, and operate Alfursan International lounge at the New King Abdulaziz International Airport in Jeddah. The contract term is for ten years (effective from the opening of the lounge). The total provisional value of the contract is SAR500mn, and the company expects it to begin impacting financials starting from 4Q19.
Saudi Airlines Catering Company: SAR84.80 as of 12 Feb. 2019, Rating: Neutral, TP: SAR88.00/share, MCap: USD1,854mn, CATERING AB/6004.SE
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