Taiba Holding, subsidiary makes SAR 232.6 million profit of land expropriation

02/10/2014 Argaam

Taiba Holding said its 89.9 percent owned subsidiary, Al-Aqeeq Real Estate Development Co. received today SAR 336.9 million compensation for the expropriation of a property under the expansion project of Prophet Mohamed’s Holy Mosque.

The company said the property’s total cost was SAR 104 million, and the net profit after the expropriation was SAR 232.6 million.

A financial impact is expected in the fourth quarter for the parent firm and subsidiary.

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