Jazan Energy and Development Company “JAZADCO” announced the sale of agricultural land with an area of about 1.153 million square meters located in the Jazan region, at a value of about 35 million riyals, including the value of real estate transaction tax.
GAZADCO said in a statement on “Saudi Tadawul”, today, Sunday, that the main conditions of the deal include emptying the land title deed with a notary in favor of the buyer, as well as the buyer paying the entire agreed amount in one go.
She added that the buyer is Falla Real Estate Company.
Jazan Energy and Development said that it achieved a total profit of about 33.33 million riyals from the deal, which will be fully recorded in the income statement during the second quarter of 2022.
The book value of the asset was about 1.96 million riyals.
From the sale, the company aims to support the company’s strategic plans to restructure and support existing projects. The proceeds from the sale will be used to improve the financial position, develop investment in the operation, expand the aquaculture sector and enter into new investments.