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Al Ahsa Development acquires 25% stake in Twareat for SAR15 million

2019-01-09 14:04:23 GMT (Economies.com)
 

Al Ahsa Development Co. (ADC) announced it signed an agreement with Twareat Medical Company to buy a 25% stake in the company for SAR 15 million, according to a bourse statement.

 ADC will be financing the deal from its own resources, the company said.

 The deal comes in line with Al Ahsa strategy to expand in the medical sector, with the aim of maximizing returns on shareholders’ equity.

Al Ahsa earlier posted net profit of SAR 2.53 million for the third quarter of 2018, against SAR 1.07 million net loss incurred in the same period a year ago.

 The company ascribed the profitability to an increase in revenues and gross profit, coupled with lack of any losses from impairment of available-for-sale investments,  in addition to a decrease in Zakat provision.

Net profit for the first nine months of 2018 amounted to SAR 1.59 million, down 54% year-on-year from SAR 3.45 million.

 
 
 
  Symbol Last Change Chg.%
1.1921
0.0027
0.2253%
1.3389
0.0006
0.0474%
Tadawul
8688.76
21.04
0.24%
23.363
-0.682
2.836%
45.630
2.805
6.550%
48.53
0.67
1.40%
1808.165
-58.345
3.126%
 
 
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