|Introduction||Seera Group Holding Company announces the signing of two vehicle rental service contracts between Lumi Rental Company ("Lumi"), one of its subsidiaries and fully owned by Seera, and Saudi Arabian Oil Company (Saudi Aramco) with a total value of 471,185,100 Saudi Riyals.
These contracts are part of Lumi’s growth strategy, which relies on several pillars, including the enhancement of operational asset growth and the flow of future revenues through long-term leasing contracts and the provision of outstanding services to its corporate and government clients at competitive prices to meet their long-term leasing needs.
This move is expected to contribute to an increase in Lumi’s sales and profits in the coming years, which will have a positive impact on its revenues and growth trajectory.
|Date of Announcement of the Award||2023-04-26 Corresponding to 1444-10-06|
|Contract Subject Matter||Leasing of Lumi’s vehicles to the Saudi Arabian Oil Company (Saudi Aramco).|
|Date of Signing the Contract||2023-04-26 Corresponding to 1444-10-06|
|Contract Value||471,185,100 Saudi Riyals.|
|Contract Details||Lumi will lease 3,003 vehicles to Saudi Arabian Oil Company (Saudi Aramco) for a period of 3 to 5 years.
The vehicles will be delivered to Saudi Arabian Oil Company (Saudi Aramco) during the period from May 2023 to November 2023.
|Contract Duration||3 to 5 years.|
|Financial Impact and the Relevant Period||These contracts will have a positive impact on the financial statements during the contracts period, starting from the fourth quarter of 2023.|