Kuwait- Mubasher: Aqar Real Estate Investments reported a 11.6% year-on-year growth in its profits during the fourth quarter of 2016, according to a bourse statement.
Profits reached KWD 858,000 ($2.81 million) in Q4-16, compared to KWD 769,000 ($2.52 million) in Q4-15.
The company generated profits of KWD 1.78 million in 2016, a decline of 28.5% from KWD 2.49 million in 2015.
Lower annual profits resulted from "the decrement in the rental revenues due to selling of some investment properties", the statement said, adding that "there is no realized gain from selling investment properties as compared to last year".
The company’s board proposed 6% cash dividends, equivalent to 6 Kuwaiti fils, for the fiscal year 2016.
Aqar’s stock rose 7.25% to reach 74 Kuwaiti fils in Monday’s early trades, with a turnover of KWD 37,170 generated from the exchange of 505,000 shares.
