Kuwait – Mubasher: National Real Estate Company (NREC) reported an increase of 4.7% in profits during the first quarter of 2017 as compared to the same quarter of 2016.
NREC’s earnings amounted to KWD 3.8 million ($12.5 million) in Q1-17, according to a press statement issued on Thursday.
Meanwhile, the company’s operating revenues shrank by 42.5% year-on-year to total KWD 4.2 million ($13.8 million) in Q1-17.
NREC is currently executing projects worth more than $2 billion in Egypt and the UAE, the statement noted.
The company’s business in Egypt is growing based on selling units worth a total of EGP 2.8 billion in the Grand Heights residential project, the CEO of the Kuwaiti firm said, noting that NREC is executing Reem Mall in Abu Dhabi, in cooperation with Majid Al Futtaim company.
At the stock level, NREC closed Thursday’s session 4% higher at 104 fils.
