Riyadh – Mubasher: Taiba Holding Company on Sunday announced purchasing a land plot in Al Madinah at a value of SAR 210 million.

Set to be self-financed, Taiba aims to use this land in its future real estate projects, according to a statement to the Saudi Stock Exchange (Tadawul).

The deal’s financial impact will appear in property, plants, and equipment item in the financial results for the first quarter of 2019.

The-Tadawul listed company last reported a 3% year-on-year drop in its net profits after calculating Zakat and Tax during the third quarter of 2018, reaching SAR 60.11 million, from SAR 61.99 million.

From January to September 2018, the firm’s net profits after calculating Zakat and Tax declined 18.3% to SAR 133.8 million, compared to SAR 163.7 million in the prior-year period.

Taiba Holding Company’s stock remained stable to finish Sunday’s trading session at SAR 28.90.