Saudi Parts Center purchases plots for SR6.2 mln to establish spare parts re-manufacturing facilities

Saudi Parts Center Company announced on Monday the Purchase of two plots of land Nos. 890 and 891 in Block No. 63 of the Industrial Gate scheme licensed by the Saudi Authority for Industrial Cities (Modon) with an area of 4,600 Sqm for plot No. 891, and an area of 4594 Sqm for plot No. 890, with a total price of SR6,193,169.06, including the value of real estate tax in the amount of SR294,912.81, and the value of the land was paid out of the company’s cash surplus by virtue of a certified check for the whole amount.

The company said in a statement that the land was purchased as a step of the establishment of its spare parts re-manufacturing facilities, according to the company’s strategy. The site will also include the company’s central warehouse in addition to offices for some departments.

The expected impact of the transaction on the company and its operations increasing is represented in the value of fixed assets at the end of the fiscal year 2021 by 94% compared to their value at the end of June 2021. The value of the land was 17% of the total equity at the end of December 2021, the company concluded.