JAZADCO sells agricultural plot for SAR 35 mln, earns SAR 33.3 mln profit

Logo of Jazan Energy and Development Co. 

Jazan Energy and Development Co. (JAZADCO) sold, on June 23, an agricultural land plot in Jazan region for SAR 35 million, inclusive of property tax, to Falat Real Estate Co.

The land plot covers an area of 1.153 million square meters, according to a bourse filing.

The deal includes transferring the deed to the purchaser, who must pay the agreed amount in one transaction.

The company said the land’s book value is SAR 1.96 million, and it realized a total profit of SAR 33.33 million from the deal.

The amount will be fully reflected in Q2 2022 income statement.

The transaction supports JAZADCO’s strategic plans to restructure and support existing projects.

In addition, the sale proceeds will be used to improve the company’s financial position, develop and invest in the operation and expansion of the aquaculture sector, as well as make new investments.

There are no related parties, the statement noted.