Mubasher: National Real Estate Company (NREC) recorded a year-on-year fall of 11% to KWD 3.5 million in net profit to shareholders during the third quarter of 2016.
NREC’s year-to-date net profit stood at KWD 11.1 million, a decrease of 4.7% when compared to the first nine months of 2015.
The company’s operating revenue grew by 11.1% to reach KWD 5.6 million in Q3-16, while in the first nine months of 2016, operating revenue amounted to KWD 20.5 million which is 38.4% higher from the same period a year ago.
“Revenue growth was driven by income generating assets in Kuwait, Jordan and Egypt, where NREC is developing a 3.8 million square meter residential community. The company is also developing Reem Mall, a two million square foot major shopping destination in Abu Dhabi,” according to NREC’s statement.
Earnings Per Share reached 3.73 fils in Q3-16, and 11.8 fils in the nine-month period.
“Our income generating properties in Kuwait, Jordan and Egypt are performing well. In Kuwait, YTD rental revenue reached KWD 8 million, up 3.1% for the year. NREC Misr continues to perform well, we sold 805 residential units since the inception of our main residential development in the country, representing a cumulative sales value of EGP 2.61 billion,” NREC CEO Samuel Sidiqi said.
He noted that “In Abu Dhabi, Reem Mall has acquired all necessary government approvals and is in the process of tendering the remaining works. Our leasing program is on track and continues to exceed expectations.”
