Today, Aamal Company disclosed more information regarding the process of selling a plot of land in Dahl Al-Hamam, which was disclosed on September 13, 2023.
According to the financial statements audited by the external auditor KPMG for the first six months of the year 2023, which were based on the independent evaluator’s assessment of the fair price of the land, for the purpose of completing and announcing the semi-annual financial results for 2023, the fair value of the land amounted to 100 million Qatari riyals, which is the same as the value recorded in the books of accounts on June 30, 2023 for Aamal Company.
In order to adhere to the best disclosure standards and for the purpose of the land sale process, Aamal Company appointed an independent external evaluator to calculate the fair value of the land at the date of the deal, who concluded in his report that the fair value of the land as of September 10, 2023 is 100 million Qatari riyals, and this is what the sale process to a party with a stake in Relationship, Al-Faisal Holding, and compatible, according to what the company previously published. Therefore, the sale process will not have an impact on the profits/losses of Aamal Company.
It is worth noting that Aamal Company purchased the land in March 2012 for 70.6 million Qatari riyals, but according to the financial statements on June 30, 2023, the registered value of the land is 100 million Qatari riyals.