Al Akaria generates $2.36mln profit from HCC stake sale

The real estate developer had a stake of 6mln shares in HCC

Riyadh –  Saudi Real Estate Company (Al Akaria) announced the sale of its entire stake in Hail Cement Company (HCC) for SAR 96.9 million as part of the real estate developer’s new investment strategy.

Al Akaria achieved SAR 36.9 million in profit from the transaction, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The real estate developer had a stake of 6 million shares in HCC with a book value of SAR 60 million.

During the third quarter (Q3) of 2020, Al Akaria turned to net losses of SAR 8 million, versus net profits of SAR 9 million in the corresponding period in 2019.

Source: Mubasher

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