Mubasher: Mashaer Holding Co. announced that its final tax settlement with Saudi General Authority of Zakat and Tax (GAZT) will deliver profits of KWD 1.375 million ($4.6 million).
The impact of this settlement will be realised in the company’s second-quarter financials, Mashaer said in a statement to Boursa Kuwait on Sunday.
The Kuwaiti company achieved these profits after the final tax settlement payment regarding taxes imposed on capital profits of the sale deal of Al Maqam Tower, one of the towers of Abraj Al Bait in Makkah, owned by Mashaer and its subsidiary Masaa Real Estate Co with a value of SAR 8.45 million ($2.3 million).
During the first quarter of 2019, Mashaer Holding Co logged a profit KWD 238,420, compared to KWD 43,880 in Q1-18.
