Retal sells share of land in Al-Khobar for SR112.5 mln, expects profits of SR31.8 mln

Retal Urban Development Company announced on Thursday the sale of its share equivalent to 50% of the land located in Al Aziziyah district in Al-Khobar, with an area of (250,000) square meters, for SR112.5 million, without any preferential conditions.
The company explained that the book value of the asset, subject of the transaction, according to the latest examined preliminary consolidated financial statements, amounted to (SR80,625,000), and the proceeds will be used to finance its expansion activities.
Retal stated that the main reasons for the deal are the presence of a suitable offer that matches its strategy, which will reflect positively on its results, and it expects to achieve profits from this deal of SR31.8 million.