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Kuwait Finance House (KFH) Group has made approximately $132 million from divesting one of its properties in Saudi Arabia through its subsidiary.
The firm confirmed on Wednesday that the transfer of ownership for its real estate asset - recently sold via a public auction by KFH Real Estate Company - has just been completed.
The aggregate sale value was SAR 707.3 million, yielding a pre-tax profit of SAR 495.7 million (KWD 40.5 million) for the company.
KFH did not specify if the divested property was residential or commercial. The deal has boosted the firm’s financials, with the impact expected to be reflected in the second-quarter income statement.
(Writing by Cleofe Maceda; editing by Seban Scaria)
