Riyadh – Mubasher: Saudi Real Estate Infrastructure Company (Binyah), a subsidiary of Saudi Real Estate Company (Al Akaria), won a SAR 373.93 million contract with Diriyah Gate Company Limited on 6 December 2022.

Binyah will handle the execution works of DG II area, including site preparation, earthworks of cutting, filling, demolition, and compaction, for 548 days, according to a bourse filing.

The Tadawul-listed firm noted that the agreement will reflect on its income statement during the period between the first quarter (Q1) of 2023 and Q2-24.

In the first nine months (9M) of 2022, Al Akaria shifted to net profits after Zakat and tax worth SAR 27.90 million, compared to net losses of SAR 37.70 million during the same period a year earlier.

Revenues stood at SAR 1.25 billion in 9M-22, an annual leap of 157.76% from SAR 486.80 million.

Meanwhile, the accumulated losses amounted to SAR 229 million as of 30 September 2022, accounting for 6.10% of the SAR 3.75 billion capital.