Riyadh–Mubasher: Tanal Investment and Real Estate Development Company, a subsidiary of Arriyadh Development Company, has sold parts of the Tanal lands at a value of SAR 249.92 million.

A total area of 151,46 square metres of the Tanal lands has been sold, according to a bourse filing on Thursday.

Arriyadh Development’s share of the transaction represents 69.38%.

The company will achieve profits of around SAR 81 million from the sale, with the financial impact to be registered during the first and second quarters of 2022.

It is worth noting that in 2021, the Saudi list company recorded net profits after Zakat and tax worth SAR 318.3 million, an annual jump of 39.67% from SAR 227.9 million.