Halwani Brothers [6001.SE] announced the latest developments in its industrial complex in Jeddah Industrial City, which was established over two phases at a total cost of SAR426.8mn. The company has completed construction of the first phase on 15 April 2012 at a cost of SAR82.4mn and has started accounting for its deprecation as of the same date. The second phase of the project was completed on 12 July 2016 at a total investment cost of SAR344.4mn, with the company accounting for its depreciation since 1 May 2015. The total cost of the project was 29% higher than what the company had estimated, as the company added equipment and machinery worth SAR31.4mn to facilitate automation of work, whose prices were higher compared to the initial offers received by the company at the time of the study. In addition, the company paid an extra SAR65mn resulting from increased requirements for security and the creation of additional space for future expansions, in addition to the establishment of new offices for the company and additional warehouses to increase the company’s storage capacity. The annual depreciation charges of the total complex are estimated at SAR24.34mn. (Tadawul)   Halwani Brothers: SAR43.00 as of 28 September 2016, Rating: Neutral, FV: SAR68.00 per share, MCap: USD328mn, HB AB / 6001.SE