SASCO sells land in Jeddah for $5.4 million

Listen to the article. The audio text is automated, generated by an automated system

The Saudi Automotive Services and Equipment Company (SASCO) announced the completion of the sale of land owned by it in the Al Marwa neighborhood in Jeddah, with a total area of ​​3,103.02 square metres, for approximately $5.4 million (20.3 million riyals), excluding real estate transaction tax.

The company explained in a statement on Saudi Tadawul on Thursday that the sold land had a gas station built on it, noting that the full value of the deal had been received and the property had been emptied in favor of the buyer, Al-Hashoum Investment Company, yesterday, Wednesday.

According to the statement, the book value of the asset amounted to $4.5 million (17.2 million riyals) according to the company’s financial statements as of September 30, 2026, which reflects the realization of a gain from the sale.

SASCO confirmed that the deal comes within its plan to sell a number of real estate assets owned by it and its subsidiaries, and within the framework of its strategy aimed at providing cash liquidity and enhancing financial solvency.

The company added that the positive financial impact of the deal is expected to be reflected in its financial results during the fourth quarter of 2026.

She indicated that the proceeds of the sale will be used to implement the company’s plan, support its financial and investment activities, and achieve its goals related to restructuring its real estate portfolio.