The Board of Directors of the Kuwait Real Estate Company announced the company’s financial results for the nine months of 2023, The results showed that the company achieved profits amounting to 9.9 million dinars during the period, compared to 5.6 million dinars for the same period of the year 2022. Earnings per share increased to 10.8 fils per share, compared to 6.16 fils per share for the same period last year, and net profits witnessed an increase of 76%. % and rental revenues increased by 6% to reach 21.2 million dinars, compared to 20.1 million dinars for the same period last year.
In the third quarter of the year, Kuwait Real Estate Company achieved net profits of 2.3 million dinars, and a profit equivalent to 2.48 fils per share, an increase of 148% compared to the third quarter of 2022. Also, rental revenues grew by 4% to reach 6.5 million dinars, The company’s assets amounted to 379.2 million dinars, an increase of 7% compared to 354.5 million dinars during the third quarter of last year.
In this context, Chairman of the Board of Directors of Kuwait Real Estate, Ibrahim Saleh Al-Dharban, said: “Real Estate Company continues to achieve positive and continuous growth. Our annual performance so far is a reflection of our growing and distinguished real estate portfolios and investments that achieve returns and enhance value for our shareholders.”
He added: “This performance comes as a result of the company’s continued implementation of its real estate investment strategy, which is based on diversifying and expanding its income-generating portfolio, in addition to exploring investment opportunities with attractive returns in mature markets in order to mitigate risks.”
For his part, Vice Chairman and CEO Talal Jassim Al-Bahar said: “We are pleased with these positive results. In Kuwait, the company recently signed a memorandum of understanding for a strategic partnership with Sanam Real Estate Company to launch real estate products compatible with the provisions of Islamic Sharia, to manage a diversified real estate portfolio with lucrative returns that allow the distribution of periodic profits to shareholders. It also opened Al-Raqi Tower Hotel, and the company is currently working on developing the commercial part adjacent to the hotel. We are also in the final stages of completing the Arabella Beach Hotel project, and it is expected to open at the end of the last quarter of this year.”
Al-Bahr added: “In Dubai, the performance of the UAE market enhanced the company’s profits resulting from the sale of units in the Th8 project, and the company signed franchise agreements with the Hotels and Resorts Group (IHG), one of the leading hotel companies in the world, to open two new hotels within the Vineette Collection brand chain. This marks the launch and first presence of the new brand in both Kuwait and the Emirates. The agreement includes both the Th8 Hotel by Vineette Collection in the United Arab Emirates, which consists of 162 hotel rooms, and the Arabella Vineette Collection Beach Hotel in Kuwait, which includes 194 hotel rooms. The two hotels will be operated by United Hospitality Management.
Al-Bahr concluded the statement by saying: “We continue to implement the strategy of developing and diversifying our distinctive real estate investments, through which we achieve lucrative returns and maximize value for shareholders and investors. God willing, the results of this performance will appear at the end of the fiscal year.”
