Mubasher: National Real Estate (NREC) reported a growth of 31.6% in profits during the fourth quarter of 2016 as compared to the same period of 2015.
Earnings increased to KWD 5 million ($16.39 million) in Q4-16 from KWD 3.8 million ($12.5 million) in Q4-15, according to a statement issued on Tuesday.
The company’s net return on equity rose by 4.4% to total KWD 16.1 million in FY16.
Operating revenues grew 19.2% to stand at KWD 33.9 million during the fiscal year.
The statement added that earnings per share reached 17.14 fils per share.
NREC is looking forward to executing Reem Mall, in addition to other agreements recently signed with Dubai Holding, Landmark Group, and Majid Al Futtaim Retail, said the CEO of NREC, Samee El Deen Sedeqy.
At the stock level, NREC went down 11.85% to end Tuesday’s session at 106 fils, after about 795,100 shares were traded at a value of nearly KWD 84,100.
