SASCO sells 9 of its sites for SR382 mln, achieves profit of SR207 mln

SASCO refers to its announcement on Tadawul website on May 26, 2022, mentioning the latest updates regarding the study of selling and lease-backing some of its owned sites, as announced before the contracts for the sale and leaseback were signed with Al Jazira Capital Co.

In this regard, the company reports that on July 18, 2022, completed transferred 9 stations title deeds out of (10) stations for the sale and leaseback process.

The financial impact of the sale process is as follows:

• The sale value of (9) sites owned by SASCO is SR381,702,607

• Profit from the sale of SR207,285,819

• The impact on the income statement is a capital gain of SR95,373,174, and the rest of the achieved profit will reduce the value of the right-of-use assets over the lease period (10 years) according to IFRS to prove the sale and re-lease process.

•The last title deed, expect to be completed during the third quarter of 2022, and any developments in this regard will be announced.