Arriyadh Development Co. has ended a SAR 1 million joint venture with Saeed Mohammed Albassami Co., effective Dec. 31, 2016, the company announced on Tadawul on Sunday.
The two partners have agreed to dissolve Al-Khaleej Al-Arabi for Vehicle Auctions LLC, as it did not achieve its objectives, the statement said.
Arriyadh Development will not face any liabilities resulting from the decision, the firm added.
Earlier today, the builder reported a net profit of SAR 261.8 million for the 2016 fiscal year, an 11.1 percent year-on-year (YoY) decline attributed to lower land sales.