Retal sells its share in land in Khobar for SR67.4 mln, and expects profits of SR24.9 mln

Retal Urban Development Company announced on Monday the sale of its share equivalent to 50% of the land located in Al-Aziziya district in Al-Khobar, with an area of (44,959.7) square meters, with a total amount of (SR67,437,975), without any preferential conditions.
The company said in a statement on Tadawul that the book value of the asset, subject of the transaction, according to the latest examined preliminary consolidated financial statements, is SR42,485,924, indicating that the expected impact of the deal on the company and its operations is to achieve profits of (SR24,952,051).
It added that selling the land to an investor in a unique real estate fund, where Retal Urban Development Company will be the main developer of the fund, which will have a positive financial impact on the company’s results through development, marketing, and sales activities.
There is an indirect interest for both: Chairman of the Board: Mr. Abdullah Abdul Latif Al Fozan and Vice-Chairman of the Board: Mr. Ali Abdul Latif Al Fozan in Maali Holding Company.