Lamasat Company announced in an official statement the completion of all construction work related to its new project located within the Royal Commission area of Yanbu Industrial City. The company confirmed its success in obtaining all necessary governmental and regulatory permits to commence actual operations of the project, representing a significant step in the company's expansion plan.
Project details and timeline
The company clarified that the branch is scheduled to be inaugurated and officially begin receiving customers starting next Sunday, January 18, 2026, and will be named "Lamassat." This achievement culminates efforts that began with the company's announcement on the Saudi Stock Exchange (Tadawul) website on February 18, 2025, when the contract was signed and the project awarded to the Royal Commission in Yanbu for construction. The work took approximately eleven months of continuous effort to adhere to high engineering and operational standards.
The strategic importance of expansion in Yanbu
The opening of this branch, the company's second in Yanbu, is part of an ambitious strategic plan developed by the board of directors. This plan aims to strengthen the company's geographic presence in key regions of the Kingdom and expand its customer base to meet the growing demand in the services sector. Yanbu Industrial City holds particular importance as a cornerstone of Saudi Arabia's industrial economy. The Royal Commission boasts world-class infrastructure and an attractive investment environment, making its presence there an opportunity to enhance the company's market position.
Economic objectives and financial impact
In its statement, the company indicated that this expansion is fully aligned with its strategy for sustainable growth and achieving attractive long-term returns for shareholders. By increasing its market share in this strategic region, Lamasat aims to diversify its revenue streams and enhance operational efficiency. Regarding financial projections, the company anticipates that the financial impact of this project will begin to be reflected in its financial statements starting from the second quarter of 2026, reinforcing optimism about the company's future performance.
