NREC posts KD 16.1 mln in '16 net profits

KUWAIT, March 28 (KUNA) -- Kuwaiti National Real Estate Company (NREC) announced on Tuesday net profits of KD 16.1 million (around USD 52.6 million) for 2016, with earnings per share (EPS) of 17.14 fils.
The company's revenues grew up by 19.2 percent last year as operating revenues hit USD 33.9 million (USD 111 million), driven by incoming generating assets in Kuwait, Jordan and Egypt, NREC CEO Samuel Sidiqi said in a press release.
NREC is developing a 3.8 million square meter residential community, in addition to Reem Mall, a two million square foot major shopping destination in Abu Dhabi. Reem Mall will house more than 450 stores including 85 restaurants, a large hypermarket, and family entertainment zones that include the world's largest indoor snow-play park, he added.
Established in 1973, the National Real Estate Company (NREC) is a publicly-listed company on the Kuwait Stock Exchange and a regional pioneer in real estate investment, development and property management. NREC has developed a strong portfolio of retail, commercial and residential real estate in emerging and established markets across the Middle East and North Africa (MENA).
NREC is a leading regional and developer with USD 2 billion in projects under development in the UAE, Egypt, and other markets. (end) fnk.ht.mt