Riyadh – Mubasher: Elegant Centers Company, a subsidiary of Al Baha Investment and Development Company, bought an industrial land plot in Riyadh at a value of SAR 24 million, according to a bourse filing.
The asset spans 25,058 square metres, on which an administrative building and a warehouse were built. The 4,500 square metres building consists of three floors, while the warehouse is built on an area of 16,000 square metres.
Meanwhile, the transaction will be funded from the proceeds of Al Baha Investment’s capital raise.
The Tadawul-listed firm noted that the purchase deal aims to diversify its investments and boost its real estate portfolio.
In the first nine months (9M) of 2022, Al Baha Investment suffered net losses after Zakat and tax worth SAR 4.81 million, an annual hike of 94.46% from SAR 2.47 million.
Revenues edged up by 0.52% year-on-year (YoY) to SAR 7.97 million in 9M-22 from SAR 7.93 million.
The accumulated losses amounted to SAR 82.53 million as of 30 September 2022, accounting for 27.79% of the SAR 297 million capital.
