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الاقتصادية
Masar's quarterly profit drops 9 percent
Al Mar features company "Masar" saw an 8.7% decline in its profits in the second quarter of the year, reaching 216 million SAR, compared to 670 million SAR in the same period last year. This was due to increased financing costs resulting from the suspension of capitalization of loan expenses related to infrastructure projects. At the same time, revenues increased by 37% to 916 million SAR, driven by higher land sales, with six plots sold during the quarter. The company announced the approval of the "Wajhat Masar" project within the areas in Mecca where non-Saudi ownership is permitted, aimed at expanding the investor base, although the financial impact has not been determined at this time. The "Wajhat Masar" project spans 1.25 square kilometers and includes 203 plots of land. Its market value is estimated at 23.5 billion SAR. The General Organization for Social Insurance owns 24% of the capital, while the Public Investment Fund holds over 16%.
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