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Saudi Arabia: Tadweeer’s New Iron Production Line to Result In Millions In Revenue | |
| Radhika Laghate |
Saudi-listed Tadweeer launches a new iron production line. It is expected to boost revenue by $27 million in 2023.
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The new line is expected to boost revenue by $27 million in 2023.
Saudi-listed Tadweeer launches a new iron production line.
In a recent statement to Tadawul, the Saudi stock exchange, Tadweeer, the National Environmental Recycling Company, announced the start-up of an iron production line as part of its continuous efforts to meet customers’ demand.
The new line will play a strategic role in the company’s plan to expand into various types of mineral products, all intended to support the circular economy.
The production capacity of the new line is 120,000 metric tonnes annually. Which will be a major addition to the company’s current production output, which will lead to an increase in market share in the recycling sector.
According to the statement, it is expected that the new line will lift Tadweeer’s revenue by $26.66 million (AED98 million) in 2023 and $42.7 million (AED157 million) annually for the following years.