Riyadh –   Batic Real Estate Company, a fully-owned subsidiary of Batic Investment and Logistics Company, has purchased a plot of land in Al Madinah in exchange for SAR 126.38 million.

Located in Quritha district at Al Madinah, the plot spans over a total area of 229,796 square metres, according to a recent bourse filing.

This deal comes in line with the Saudi company's strategy to expand in the real estate industry and enhance the group’s portfolio among other investors.

It is worth noting that earlier this month, Batic Real Estate signed a Shariah-compliant facility agreement with Al Rajhi Bank at a value of SAR 200 million.

Meanwhile, the Saudi listed company recorded net profits after Zakat and tax worth SAR 842,232 in the first three months (3M) of 2022, against net losses of SAR 3.22 million in the year-ago period.

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