Equity up 6.6 pct: Chairman
The Commercial Real Estate Company announced that it achieved a net profit of KD 4,212,269 during the first half of the current year with an Earnings Per Share of 2.38 Fils.
Chairman and Managing Director, Mr Abdul Fatah M. R. Marafie explained that the growth in equity continued until it attained KD 242,541,905 as at 30/6/2010, with an increase of 6.6 percent compared to the same period of the last year.
He also confirmed that the market value of the share did not reflect its actual value, where the book value of the share under the financial statements as at 30/6/2010 attained approximately 137.3 Fils, in addition to the reserves which were not revealed in the financial statements due to the reserved accounting policies adopted by the company, making the actual value of the share higher than its book value.
On the other hand, Mr Abdul Fatah M. R. Marafie stated that the company had settled the remaining balance (50 percent) of the Islamic lease securities amounting to $100 million, by signing a credit facilities contract of an amount of KD 15 million with Ahli United Bank, which would constitute part of the long-term facilities being currently finalized with the bank.
Mr Abdul Fatah M. R. Marafie indicated that The Commercial Real Estate Company was still carrying on with its mission and contributing to the constructional development taking place in the State of Kuwait through its real estate projects carrying its distinguished touch. The Symphony Project constituted one of these contributions.
The project was marked with its magnificent view, overlooking the Arabian Gulf Street in Salmiyah area and extending over an area of 11,749m2 with a construction area exceeding 95,000m2. The project was established according to the latest smart building systems and consisted of three comprehensive parts:
The first part consists in a mall designed to offer the best international brands (clothes -- jewelry -- accessories -- perfumes...). It consists of three floors divided into several leasing units of different areas to suit different types of activities.
Exploitation contracts have been signed with a number of international brand agents, and there are still many carefully selected agents that are currently carrying out the contracting procedures.
The second part consists in two administrative office towers, executed to meet the requirements and needs of major companies and businessmen, making business a pleasure and success a goal.
The third part consists in the Missoni Hotel, the first of its kind in the Middle East. It is considered as a modern addition to hotel services in the State of Kuwait, marked with its unique overlooking the Arabian Gulf in addition to other hotel services including a multipurpose hall, conference and meeting rooms as well as restaurants and coffee shops.
The gym is another remarkable feature of the Missoni Hotel. It is managed by Six Senses Resorts and Spas and is equipped with the latest sports equipment and swimming pools.
Six Senses Spas was inspired by the surrounding environment to come up with the unique design of the gym and used the latest technologies to execute their concept.
The elite of experts and specialists in this domain will provide services to the visitors and subscribers, and a special section will be available to sell Six Senses books, herbal products and oils.
Marafie talked about Al-Tijaria Tower: "Al-Tijaria Tower represents a new addition to the constructional aspect of the capital as well as a major leap in the world of real estate due to its unique design and location that is easy access . and to the quality services provided to the tenants, where the project includes a multi-storey mall (basement , ground floor and mezzanine 1-2), a gym and swimming pools and 34 office floors.
The tower is receiving lot of demands to lease its units, which reflects considerable interest from the business world towards the project located in Sharq area, Al-Soor Street, facing Al-Shaheed Park, over an area estimated at 4,293.69m2 and a total leasing area of 33,392m2.
Al-Tijaria Tower is considered one of the towers that have been executed according to the highest specifications and modern building standards, by adopting modern technology in terms of construction and advanced smart systems in terms of operation.
In conclusion, Marafie extended his sincerest gratitude and appreciation to the board members and the executive Management as well as all the employees and workers of the company for their efforts towards achieving the objectives of the company and attaining the best results.
© Arab Times 2010
