Riyadh - Mubasher: Saudi Automotive Services Company (SASCO) announced that its subsidiary, Oil Services Company, signed an agreement to sell a land plot in the Al Nahda district of Jeddah for a total value of SAR 44.50 million.
The site, which currently houses a fuel station, covers an area of 2,148 square meters, according to a bourse filing.
Under the terms of the agreement signed on 2 August, Bayat Real Estate Company, a payment of SAR 4.45 million was made upon signing.
The remaining balance is scheduled to be paid within 30 days of the contract date. The transaction price does not include real estate disposal tax or brokerage commissions.
SASCO stated that the book value of the asset was SAR 43.95 million as of 30 June 2026. The sale is part of the company’s strategy to divest certain real estate assets to provide liquidity, enhance financial solvency, and support investment activities.
The company expects the positive financial impact of the transaction to be reflected in its financial results for the third quarter (Q3) of 2026. There are no related parties involved in the deal.
As of 31 March 2026, the company shifted to net losses valued at SAR 23.70 million, compared to net profits valued at SAR 4.28 million in Q1-25.
