The National Real Estate Company (NREC) reported a decrease of 19.5%, on an annual basis, during the first quarter of 2019.
Profits shrank to KWD 3.63 million ($11.97 million) in Q1-19 from KWD 4.51 million ($14.87 million) in Q1-18, according to a bourse filing on Tuesday.
NREC’s total assets stood at KWD 468.8 million by the end of the first three months of 2019.
Vice chairman and CEO of NREC Faisal Jamil Sultan Al-Essa said: “NREC’s earnings continue to be driven by our operating properties owned in Kuwait, Jordan, Libya, and Iraq, in addition to the sale of units in the developing mixed-use project in Egypt, and positive earnings announced from our associate.”
He added: “The company has also progressed in the development of the landmark project, Reem Mall, in Abu Dhabi. Together with Grand Heights in Egypt, the company is set to grow and diversify its sources of operating cash flow in the coming years.”