Mashaer Holdings announced that a Saudi - based subsidiary has sold a land plot for around KWD9.25 million ($31.7 million).

The company noted in a bourse statement that , the sales transaction has generated net profit of around KWD1.25 million and it will reflected in the financial statements for the fourth quarter of 2014.

Notably, the company’s interim financial statements for H1-FY14 has reflected KWD 566 thousands net profit , compared to KWD 1.84 million in the corresponding period of previous year down by 69.2%.