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.
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Taiba Holding Expected Revenues for 2014 (SAR/million) |
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267 |
Gross operating profit |
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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.
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Taiba Holding Projects |
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Developments |
Location |
Project |
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Working on Hotel design which is expected to be completed in June 2014 |
Riyadh |
Al Aqeeq Palace Hotel |
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The project has not been awarded to a designer until now |
Al Madinah |
Al Safwah Hotel |
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Hotel design is completed and the project will be awarded to a contractor in Q2 2014 |
Al Khobar |
Al Khobar Arak Hotel |
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The project was put on hold at the design phase due to its infeasibility |
Riyadh |
Riyadh Arak Hotel |
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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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