Cenomi Centers sells land plot in Al Ahsa for SAR 70.7 mln

Logo of Arabian Centres  Co. (Cenomi Centers)

Arabian Centres  Co. (Cenomi Centers) announced the completion of selling a land plot, located in Granada District, Al Ahsa, valued at approximately SAR 70.7 million.  

According to a statement on Tadawul, Cenomi Centers added that the land plot spans over an area of​​29,385 square meters (sqm), indicating that the final price was set at SAR 2,230 per sqm, totaling SAR 65.5 million (not including the real estate transaction tax or the pursuit fees).  

The book value of the land plot amounted to SAR 22.0 million as per the company’s financials as on June 30, 2023, it pointed out, noting that the buyer is Abdullah Al Tamimi.

Cenomi Centers will utilize the proceeds in strengthening its financial position and enhancing future growth plans.  

The company's Q4 2023 income statement will be positively affected by capital gains resulting from the deal at SAR 43.5 million. 

The statement affirmed that the abovementioned land plot does not support the company's strategic expansion plans, which are focused on developing modern destinations in accordance with the latest international standards. 

This is the third land plot sold within the framework of the company’s program to sell a portfolio of non-core assets, with an estimated total market value of approximately SAR 2 billion.