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NREC reports KD 6.6 million net profit in 2019's first half

KUWAIT, Aug 14 (KUNA) -- Kuwait-based National Real Estate Company (NREC) reported a net profit of KD 6.6 million (about USD 22.44 million) in the first half of 2019, while earnings per share stood at 4.9 fils per share.
The company said in a press release on Wednesday that operating income in the first half amounted to 8.5 million dinars (about USD 28.9 million dollars) and Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to KD 11.8 million (approximately USD 40.12 million).
At the end of the same period, the company's total assets stood at KD 465.9 million (almost USD 1.5 billion) and a 16.2 percent decline in total liabilities to KD 194.9 million (roughly USD 662.6 million) in the second quarter of 2019, while loans and advances declined by 18.5 percent.
The statement quoted NREC Vice Chairman and Chief Executive Officer Faisal Al-Sultan as saying that NREC continues to implement its strategy to enhance its cash position by reducing its debt level and focusing on improving the performance of its operational assets and developing its huge commercial and residential projects.
Within a year the company succeeded in reducing its level of debt significantly while the portfolio of income-generating assets in Kuwait, Jordan, Libya and Iraq recorded better performance to reflect in the results of the company, he added.
Established in 1973, NREC is a leading regional and developer with USD 2 billion in projects under development in the UAE, Egypt, and other markets in the Middle East and North Africa (MENA) region. (end) mka.lr