23 DEC 2024
| Element List | Explanation |
|---|---|
| Introduction | The National Shipping Company of Saudi Arabia (Bahri) is pleased to announce that on Sunday, December 22, 2024, the Yanbu Grain Handling Terminal has been inaugurated. The terminal, located at the Yanbu Commercial Port and operated by the National Grains Company (Joint Venture between Bahri and SALIC), was launched in the presence of distinguished officials and representatives from both public and private sectors. |
| Previous Announcement | The latest developments of the joint venture (National Grain Company). |
| Date of Previous Announcement on Saudi Exchange’s Website | 2022-03-23 Corresponding to 1443-08-20 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The project has been inaugurated and commercial production has begun. |
| Reasons For The Delay on The Date of The Event Previously Announced | The delay resulted from the implementation of additional requirements to the project to improve the flow of operations in the future, in addition to constructing additional parts to the project infrastructure that shall enable any future potential expansions. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The total cost of the project increased by 7% over the previously allocated amount, which was SAR 412.5 million, for the above-mentioned reasons, which is not considered a material change.
It is worth noting that a grain delivery service to customers within the Kingdom has been added to the project. This will offer closer proximity to customers, resulting in improved customer experience and enhanced project profitability margins. |
| Delay consequences on the Company’s financial results | Not applicable. |
| Additional Information | It is worth noting that the National Grains Company was established in 2020 as a strategic partnership between The National Shipping Company of Saudi Arabia (Bahri) and Saudi Agricultural and Livestock Investment Company (SALIC) to meet the Kingdom’s future demand for essential grains and enhance its competitive capabilities. The Yanbu Grain Handling Terminal at Yanbu Commercial Port serves as a unique global logistics gateway connecting three continents.
The National Grains Company aims to use the Yanbu terminal to advance the trade, handling, and storage of grains while contributing to supply chain resilience in the Kingdom. With a storage capacity of 156,000 tons, the facility includes 12 silos with a total capacity of 96,000 tons, a 650-meter conveyor belt, and the capability to unload 800 tons per hour directly from ships. Its annual design handling capacity is up to three million tons of grains. |