Taiba may make SAR 731.2 million in profit after getting compensation for confiscated properties

Taiba Holding Co, a real estate developer which is 5.7 percent owned by the General Organization for Social Insurance (GOSI), said an estimated SAR 731.2 million in profit would be made after the company had obtained approval to get SAR 942 million in compensation for confiscated properties in Madina.

The financial impact of the compensation will be reflected when the company receives the payment at an unspecified date.

The book value of the Riyada hotel project and the land, which was taken by the government as part of its expansion project in the holy city of Madina, was estimated to be SAR 210.8 million, it said in a statement to the Saudi bourse, Tadawul.