Riyadh – Arabian Centres Company (Cenomi Centers) sold an empty land in the Granada district of Al Ahsa in exchange for SAR 70.70 million at SAR 2,230 per square meter (sqm).

The sale deal marks the third transaction in line with the company’s programme to sell an identified portfolio of non-core assets worth nearly SAR 2 billion, according to a press release.

The book value of the plot stood at SAR 22 million, implying a profit on the sale of SAR 43.50 million, which is expected to reflect on the company's financial results during the fourth quarter (Q4) of 2023.

Cenomi Centers highlighted that the plot was auctioned by the real estate broker Adeer Real Estate.

The land sale programme generated a total of SAR 940.50 million following the sale of two plots in the Olaya and Al Raed districts for SAR 230.50 million and SAR 644.50 million, respectively.

Alison Rehill Erguven, CEO, Cenomi Centers, said: “This is another milestone in our strategic non-core land sale program and the third plot to be sold to date.”

“The programme is an important pillar in supporting the financial strength of the business as we drive forward with our ambitious pipeline,” Erguven added.

She concluded: “With a further SAR 1 billion in sale proceeds expected, we remain committed to unlocking value for the company and our shareholders.”

In the first half (H1) of 2023, the Saudi firm registered SAR 725.10 million in net profit after Zakat and tax, higher by 103.28% than SAR 356.70 million in H1-22.

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