Saudi Government awards a new US$800 million project contract to Saudi Health Systems Company

SAUDI ARABIA – The Saudi Arabian Government has dished out a new three-year project contract to the Saudi Health Systems Company valued at approximately US$810 million (SAR 3.04 billion).

Under the terms of the project contract with the Saudi government entity, the Saudi Health Systems Company will supply cooked meals for public and private sectors in the Kingdom over the next three years.

The Saudi Health Systems Company is an associate firm of Maharah Human Resources Company, which is engaged in providing human resources and sourcing services for public and private sectors.

Maharah Human Resources Company provides comprehensive and integrated solutions that ensure its customers success, protect employees’ rights and support the national development.

In a recent bourse statement, Maharah Human Resources Company indicated that the project award will reflect on its financial results starting from the third quarter of 2023.

Maharah Human Resources Company further outlined that the Saudi Health Systems Company will offer prepared meal delivery services during the validity period of the project contract.

The scope of this project is in harmony with Maharah Human Resources Company’s belief in serving the community and activating the role of social responsibility.

It comes in the week where Growth Avenue Investment Company, a fully-owned subsidiary of Maharah, is expected to disburse the cash dividends on September 10, 2023.

Remarkably, Growth Avenue Investment Company holds 40% ownership in Saudi Health Systems Company.

In October 2022, Maharah’s subsidiary Growth Avenue Investment Company acquired a 41.36% stake in Care Shield Holding Company Limited.

Growth Avenue Investment Company closed the stake acquisition of Care Shield Holding Company, the owner of Kingdom Hospital, Consulting Clinics Company, and Modern Clinics Pharmacy Company.

Moreover, Growth Avenue Investment Company recently announced cash dividends worth US$12 million (SAR 45 million) for the first half (H1) of 2023.

The Saudi Arabia-based company recognised revenue from the new strategic contracts in the corporate segment and newly established and acquired entities.

The company will be paying a dividend of US$0.27 (SAR 1.00), which a reduction from last year’s comparable dividend.

Concerningly, the dividend has gone from an annual total of US$1.19 (SAR 4.45) in 2019 to the most recent total annual payment of US$0.50 (SAR 1.88).

Business competitors of Growth Avenue Investment Company include Almawarid Manpower Company, International Human Resources Co., Tam Development LLC and Saudi Airlines Catering Company.

For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.