Kuwait-Mubasher: National Real Estate (NRE) achieved profits worth KWD 3.8 million ($12.56 million) in the fourth quarter of 2015, against losses worth KWD 1.46 million ($4.83 million) in Q4-14, according to a bourse statement.
During the fiscal year 2015, the Kuwait-listed firm posted net profits worth KWD 15.4 million ($50.95 million), 47% higher from KWD 10.47 million ($34.64 million) in FY14.
The company’s operating revenues reached KWD 28.5 million ($94.3 million).
NRE has secured government approval for establishing the Reem Mall in Abu Dhabi, with costs of $1.1 billion, said the CEO Samee El Deen Sedeqy.
He noted that the cost of Grand Heights, the company’s project in Egypt, reached KWD 11 million in 2015. The first phase of the project will be delivered in March 2016, and it will be 100% accomplished during the period between 2020 and 2021.
NRE stock ended Tuesday’s trading session with a rise of 2.17% at 94 fils, after about 895,800 shares were traded with a value of KWD 83,310.
