Alwasail CEO Foresees Sales Surge, Plans Move to Tadawul After 24% Growth in First Half of 2023
Abdulkader Al-Musheikeh, the CEO of Al-Wasail Industrial Company, stated, “We anticipate a rapid growth in demand during the second half of 2023, accompanied by an increase in the number of projects and an expansion of our export share.”
During an interview with Argaam, Abdulkader Al-Musheikeh confirmed that contracts represent between 60% to 70% of the total sales. He noted that this year’s sales surpassed 200 million Saudi riyals, marking a growth of 24% compared to the first half of the previous year, during which sales reached 165.7 million Saudi riyals.
Abdulkader Al-Musheikeh expressed optimism about the results of the first half of the current year and emphasized the company’s intention to expand steadily and thoughtfully. He also pointed out that the Board of Directors has set goals, including a plan to transition to the main market (Tadawul) in the near future.
He added that the company contributes to providing the infrastructure for projects, participating in vital initiatives such as NEOM, the Red Sea project, and SPARK.
Furthermore, he clarified that the agricultural sector is witnessing significant growth in the Kingdom, particularly after the impact of the COVID-19 pandemic and conflicts, stressing the importance of achieving domestic food security.
He affirmed that their company strives to achieve leadership in vital projects that benefit the Kingdom, with a focus on being present in various projects and supporting their products to achieve the highest levels of quality.
Regarding the company’s collaboration with Saudi Basic Industries Corporation (SABIC), Al-Mashaykh pointed out that there has been continuous cooperation between the two companies for over 30 years, working collaboratively and guided by SABIC, in addition to harmonious collaboration with other petrochemical companies.