Al Hammadi sells land plot in Riyadh for SAR 124.6M

A hospital of Al Hammadi Holding Co.

Al Hammadi Holding Co. sold a 35,600 square meter land plot in Al Rayyan District, Riyadh, for SAR 124.6 million, excluding the real estate transaction tax and brokerage fees, the company said in a statement to Tadawul.

The buyer will make a non-refundable down payment of SAR 2.49 million and undertake to settle the remaining balance of SAR 122.1 million by June 13, 2024.

The land plot was sold to Emmar Ocean Co., the statement said, adding that the book value of the land is SAR 69.3 million.

The deal aims to support Al Hammadi’s future expansions, strengthen its financial position and reinforce future growth strategies.

The company’s income statement will be positively impacted by the capital gains amounting to SAR 55.27 million arising from the sale transaction. The expected impact will be reflected on the Q2 2024 statement.