Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) and Newrest Company signed a memorandum of understanding (MoU) to establish a new company in Saudi Arabia.
The joint venture (JV) will operate the inflight catering, airport lounges, and airport retail food and beverage (F&B) operations, according to a bourse statement.
Alhokair Group highlighted that the agreement, which is valid until 1 December 2024, has no financial impact currently, adding that it will reveal any further developments in due course.
Established more than 20 years ago, Newrest runs its business in 54 countries worldwide, with over 40,´000 employees and annual revenues exceeding EUR 2.40 billion.
In the first nine months (9M) of 2023, the listed group posted a 60.57% plunge in net profit to SAR 22.25 million, compared to SAR 56.43 million as of 30 September 2022.
Revenues jumped by 11.01% to SAR 578.31 million in 9M-23 from SAR 520.94 million in 9M-22, while the loss per share plummeted to SAR 0.07 from SAR 0.18.
