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Kuwait's NREC posts Q1 profits of KD 2.9 mln

KUWAIT, May 15 (KUNA) -- Kuwait's National Real Estate Company (NREC) announced that its net profits reached KD 2.9 million (approximately USD 9.4 million) in the first quarter of 2024, with dividends per share amounting to 1.62 fils.
The Vice Chairman and Chief Executive Officer, Faisal Al-Sultan, revealed in a statement that the results were expected since the company's operational assets in Libya, Jordan, and Egypt have achieved excellent performance.
Al-Sultan added that the company's project in Abu Dhabi (Al-Reem Mall), has achieved outstanding performance since its opening in February 2023, explaining that they are a participating investor in Al-Reem Island, UAE, where the mall is located.
Established in 1973, the National Real Estate Company invests, develops and manages real estate in the Middle East and North Africa region, listed on the Kuwait Stock Exchange. (end) smr.res