• EBITDA: KD 1.3 million
  • Total Assets: KD 606 million

Kuwait: National Real Estate Company (NREC) reported its financial and operational results for the periods ended June 30, 2023. The Company announced a net loss attributable to the owners of the Parent Company of KD 3.8 million and a loss per share of 2.15 fils in H1 2023, compared to a net profit of KD 5.4 million and an EPS of 3.06 fils in H1 2022.

The Company’s operating revenue came in at KD 6.7 million for the 6-months period ended June 30, 2023, a decrease of 53% compared to the same period in 2022. Total assets stood at KD 606 million as of June 30, 2023.

For Q2 2023, the Company reported a net loss of KD 1.6 million, or a loss per share of 0.88 fils, and an operating revenue of KD 2.7 million.

Opening of Snow Abu Dhabi at Reem Mall

NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “In the second quarter of 2023, the eagerly anticipated Snow Abu Dhabi at Reem Mall opened its doors to visitors.”

“The introduction of Snow Abu Dhabi reaffirms our commitment to delivering innovative and enchanting family experiences across the MENA region.”

Sultan added: “The combined impact of Snow Abu Dhabi and the mall's attractions will assuredly cultivate a lively and flourishing environment, drawing more visitors and enhancing Abu Dhabi's tourism industry as a whole.”

Snow Abu Dhabi spans 9,732 SQM inside Reem Mall, incorporating an Enchanted Forest for immersive storytelling in a frosty world. The attraction boasts 20 rides including the Crystal Carousel and Polar Express Train. Guests can enjoy year-round activities like sledding, carousels, and zip-lining. The experience is enhanced by three F&B outlets offering snacks amid real snow.

Short-term focus

“We remain focused on our goal of divesting certain assets, proceeds of which will be used towards the reduction of a major part of the Company’s debt obligations”, said Sultan.

Established in 1973 and listed in Boursa Kuwait, National Real Estate Company (NREC) is a real estate investment, development and property manager based in the Middle East and North Africa. The Company’s portfolio comprises a mix of retail, commercial and residential properties in the region. 

For more information, please contact:
Mageda Abbas
m.abbas@nrec.com.kw