Mubasher: National Real Estate Company (NREC) announced a net profit of KWD 6.77 million ($22.4 million) during the first six months of 2018.
NREC has achieved a surge of 46.05% in total operating revenue to KWD 14.02 million in H1-18 when compared to the same period last year, according to a recent statement.
NREC is a Kuwaiti real estate developer that operates more than $2 billion in the real estate sector in Kuwait, UAE, Egypt and other markets in the Middle East and North Africa (MENA) region.
The Company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached KWD 11.94 million in H1-18, rising 35.17%, compared to the same period a year ago.
NREC’s earnings per share (EPS) in H1-18 stood at 6.57 fils.
“Our improved operational performance was supported by income from rents of properties owned in Kuwait, Jordan, and Libya where security stability has improved, in addition to continued sales of residential units in our developing mixed-use project in Egypt as well as positive earnings announced by our associates,” NREC deputy chairman and CEO of NREC, Faisal Al Essa, said.
He added NREC “reduced debt by KWD 19.36 million at half-end and is expected to further strengthen its debt position by year-end after completing the conversion of its KWD 31 million convertible loan from its associate Agility Public Warehousing Company. On another hand, the adoption of IFRS standards resulted in a decrease in reported earnings.”
