Mubasher: National Real Estate Company (NREC) posted net profits to shareholders worth KWD 4 million during the second quarter of 2016, down 10% from the same period in the previous year.
NREC’s operating revenues grew by 37% year-on-year to stand at KWD 7.6 million in Q2-15, according to a recent statement.
The company’s EBITDA amounted to KWD 5.1 million, down 8% from Q2-15, while earnings per share (EPS) reached 4.44 fils, the statement added.
During the first half this year, NREC’s operating revenues increased by 52% compared with H1-15 to reach KWD14.9 million.
Net profits to shareholders stood at KWD 7.6 million in H1-16, down 1% from the same period last year, according to the statement.
EBITDA posted KWD 9.6 million, down 4% from H1-15, while EPS posted 8.49 fils during the six months of 2016.
“In Kuwait, rental income was KD5.3 million, up 4% from the same period last year. NREC Misr continues to perform well, generating half of our H1 2016 revenue. At Grand Heights we have sold 791 units since inception representing a cumulative sales value of EGP2.55 billion,” CEO Samuel Sidiqi said.
He added “We are in the final stages of tendering the remaining works and are pleased to have selected Al Futtaim Carillion as the project’s preferred tenderer for construction. Al Futtaim Carillion has a strong reputation and track record in delivering high quality retail projects in the region including Dubai Mall and Deira City Centre. Our leasing program is on track and continues to exceed expectations.”
The CEO expected a positive outlook for the rest of 2016 on the back of continued healthy performance in our core markets.
