Riyadh – Mubasher: Al Hammadi Holding sold land in Riyadh to Emmar Ocean Company, with a total price of SAR 124.60 million on 2 April 2024.
Located in Al Rayyan District, the land spans 35,600 square metres, according to a bourse disclosure.
Emmar Ocean shall provide a non-refundable down payment of SAR 2.49 million, while the remaining amount of SAR 122.10 million will be paid within a period not exceeding 13 June 2024.
The Tadawul-listed firm highlighted that the asset book value stands at SAR 69.33 million, adding that the transaction will back its future growth plans and boost its financial position.
Furthermore, the income statements of Al Hammadi Holding will be positively affected by the capital gains amounting to SAR 55.26 million. It is expected to be reflected during the second quarter (Q2) of 2024.
In 2023, the listed company witnessed 17.87% higher net profits at SAR 303.33 million, compared to SAR 257.34 million in 2022.
