Home Business Jazadco sells agricultural land for 35 million riyals

Jazadco sells agricultural land for 35 million riyals

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Jazan Energy and Development Company “JAZADCO” announced the sale of an agricultural land with an area of ​​approximately 1,153 million square meters located in the Jazan region, worth approximately 35 million riyals, including the value of the real estate transaction tax .

GAZADCO stated in a statement on “Saudi Tadawul”, today, Sunday, that the main conditions of the agreement include the voiding of the land title deed with a notary in favor of the buyer, as well as the payment of the full agreed amount in only once. .

He added that the buyer is the Falla Real Estate Company.

Jazan Energy and Development said it obtained a total profit of approximately 33.33 million riyals from the agreement, which will be fully recorded in the income statement during the second quarter of 2022.

The carrying amount of the asset was approximately 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 investments in the operation, expand the aquaculture sector and initiate new investments. .

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