Ladun Investment pens SAR 162m property development deal

Ladun Investment pens SAR 162m property development deal

Riyadh – Mubasher: Ladun Investment Company signed a real estate development agreement on 5 January with a private sector entity at a total value of SAR 162 million, excluding the value-added tax (VAT).

The contract covers the infrastructure and construction works for 260 housing units spanning 44,017 metres in Jizan by Almanjoof Contracting And Maintenance Company.

The contract duration is 30 months after the commencement of the execution works, according to a bourse filing.

The project is expected to reflect positively on Ladun Investment’s income statements starting from the fourth quarter (Q4) of 2023. The impact will remain until the end of the project, which is forecast to be completed in 2025.

According to the latest data on the Saudi Exchange (Tadawul) by Ladun Investment, the firm generated net profits after Zakat and tax worth SAR 30.01 million in the first half (H1) of 2022, compared to SAR 73.48 million in H1-21.

The revenues grew by 27.71% to SAR 513.89 million in H1-22 from SAR 402.40 million in H1-21.