Red Sea International's First Fix unit won a SAR 352.6M MEP subcontract on the Diriyah giga-project. Revenue recognition starts Q2 2026.
Alpha Score of 15 reflects poor overall profile with poor momentum, poor value, moderate quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
Red Sea International Co. said its subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed a SAR 352.6 million (excluding VAT) subcontract with Salini Saudi Arabia Co. to carry out mechanical, electrical, and plumbing works on a project in Diriyah.
The subcontract runs for 454 days, the company said in a filing on the Saudi stock exchange Tadawul on Wednesday. First Fix will handle the supply, installation, testing, and commissioning of all MEP systems, plus related engineering work assigned to it.
Revenue from the project will start showing in Red Sea International's financial statements from the second quarter of 2026, the filing added.
The Diriyah project is part of a broader giga-project to turn the historic district northwest of Riyadh into a cultural and tourism hub. Salini Saudi Arabia, a subsidiary of the Italian infrastructure group Webuild, is a main contractor on various Diriyah packages. First Fix is Red Sea International's specialist electrical and mechanical contracting arm.
For Red Sea International, the contract adds to a growing order book. The company has reported several project wins this year, including a SAR 187 million deal in March for electrical works at a Riyadh development and a SAR 99 million subcontract in January for another Diriyah package. The new SAR 352.6 million award is the largest single subcontract First Fix has disclosed in the current fiscal year.
The 454-day duration means the work will run through mid-2027, providing revenue visibility into the next two fiscal periods. Red Sea International's construction segment accounted for roughly 60% of total revenue in fiscal 2024, and MEP contracts typically carry higher margins than general civil works.
No further details on the specific Diriyah plot or building type were disclosed in the filing. The company said it expects the project to start on site before the end of the first quarter of 2026, with revenue recognition following once work passes certain milestones.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.