| Element List | Explanation |
|---|---|
| Announcement Detail | Naft Alsharq Co. for Chemical Industries announces the launch of its vehicle oil change service center operations under the trade name “Petro Neft”, as part of the company’s strategy to expand direct-to-consumer services and enhance vertical integration within its lubricants business. A total of 7 operational branches have been opened across various cities within the Kingdom. The company plans to expand gradually according to a structured plan aimed at increasing market share and delivering added value to its affiliated brands. It is noted that the project does not involve any related parties and is fully funded through the company’s internal resources. The project is expected to have a noticeable investment impact in the current period, including an increase in operating and capital expenditures and a short-term decrease in profit margins. However, the company believes that this expansion will contribute to income diversification and enhanced profitability in the long term. Any material developments related to the project will be disclosed as they arise. |
