MEDGULF sells land for SAR 52.2M, makes SAR 22.2M

11/12/2024 Argaam
Logo ofThe Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

Logo of The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) 

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) signed a contract to sell a vacant land plot for SAR 52.2 million (excluding the real estate transaction tax and the brokerage fees), according to a statement to Tadawul.
 
 

The land plot, spanning 3,999.9 square meters, is located in Al-Sulaimaniyah district in Riyadh and has a book value of SAR 30 million.

 

The sale aimed to support the company's financial and investment activities, in addition to enhancing its growth plans.

 

The deal is expected to have a positive impact on the company's financial results in the fourth quarter of 2024.

 

There are no related parties to the contract, the statement added.

 

The deal will likely generate capital gains of SAR 22.2 million, Argaam calculations showed.

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