The profits of 34 Boursa Kuwait-listed real estate companies dropped 40.8% year-on-year to KWD 14.34 million ($47.3 million) during the second quarter of 2019.
In the first six months of 2019, the real estate companies declined by 13.7% to KWD 52.97 million ($174.7 million), compared to KWD 61.41 million ($202.5 million) in the year-ago period.
The profits of the real estate sector accounted for 14.4% of total profits of Kuwait-listed companies in Q2-19, which registered KWD 543.25 million.
Mabanee reported the highest profits in the sector in the three-month period ended 30 June, which reached KWD 14.05 million, while Alargan International Real Estate came at the end of profitable companies’ list for Q2-19, posting KWD 23,210 profit.
Meanwhile, Abyaar Real Estate Development reported the biggest loss in the sector during the second quarter of the year, which amounted to KWD 19.67 million.