Taiba Holding Real Estate Development Company expects its gross profit to grow to SAR 355m in 2014. This target is to be reached by achieving SAR 267m of operating profit and SAR 88m of miscellaneous profit as indicated in the company’s annual report.

Taiba Holding Expected Revenues for 2014 (SAR/million)

267

Gross operating profit

88

Miscellaneous profit
 

Taiba also expects its investments to grow by SAR 500m through cash contributions made by its affiliates or through entering into new joint ventures and strategic alliances in 2014.

“The amount and the date of the compensation to be received for the expropriation of our properties due to prophet’s mosque expansion project are still unknown to the company and its affected affiliates”; the report said.

As for Riyadh Arak Hotel, the five stars hotel that was to occupy 9998m2 in Riyadh, the company said that the project has been terminated at the design phase due to its infeasibility.

 

Taiba Holding Projects

Developments             

Location               

Project

Working on Hotel design which is expected to be completed in June 2014

Riyadh

Al Aqeeq Palace Hotel

The project has not been awarded to a designer until now

Al Madinah

Al Safwah Hotel

Hotel design is completed and the project will be awarded to a contractor in Q2 2014

Al Khobar

Al Khobar Arak Hotel

The project was put on hold at the design phase due to its infeasibility

Riyadh

Riyadh Arak Hotel

Working on Hotel design which is expected to be completed in April 2014

Jeddah

Jeddah Arak Hotel
 

 

Taiba projected distributing cash dividends of SAR 240m in 2014 representing 16% of its capital.

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