By Ahmed Awad
Kuwait – Mubasher: Arkan Al Kuwait Real Estate Company considers venturing into the British market in the upcoming period, a senior executive said.
Ninety five percent of the company’s investment is centered in Kuwait, while the small reminder of 5% is the mere presence of the company in foreign markets, Asst. Executive President Jalal Abu Shayeb told Mubasher.
Arkan’s investments total KWD 45 million ($116.5 million), while the developer’s total debt stands at KWD 7.1 million, a level that doesn’t raise the executive’s concern, especially, Al-chaib said, that the interest rates of those loans are low.
Around KWD 30 million was granted to Arkan through Islamic financing, Al-chaib said, and added that the company enjoys solid liquidity levels to fund its future expansions.
The company elected a new board of director during the general meeting in which 7% cash dividends and 5% bonus shares were approved for distribution.
Based on Mubasher calculation, total value of cash dividends reached KWD1.65 million, while the bonus shares will be distributed on a 5-for-100 basis.
Last year, Arkan’s net profit grew 12.2% to KWD 4.15 million, compared to KWD3.7 million a year earlier.
Translated by Ahmed El-sayed Ali
