• EBITDA: KD 5.1 million
  • Total Assets: KD 572 million

Kuwait: National Real Estate Company (NREC) reported its financial and operational results for the periods ended September 30, 2023. The Company announced a net profit attributable to the owners of the Parent Company of KD 2.3 million and an EPS of 1.3 fils, in Q3 2023, compared to a net profit of KD 6.2 million and an EPS of 3.5 fils for the comparative 3-month period in 2022.

The Company’s operating revenue came in at KD 3.1 million, a decrease of 31.7% compared to the same period in 2022. Total assets stood at KD 572 million, as of September 30, 2023.

For 9M 2023, the Company reported a net loss of KD 1.5 million, or a loss per share of 0.83 fils, and an operating revenue of KD 9.8 million.

Commenting on the Company’s results, NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “The profitability in Q3 2023 is attributed to the continual progress in delivering units within the Company's Grand Heights’ project in Egypt, coupled with an increase in the share of results from our associate company, Agility.”

Sultan added: “We are taking measures to navigate through challenges, manage risks effectively, and progress towards a more prosperous future.”

Updates about Reem Mall – Abu Dhabi

Sultan stated: "As of the end of Q3 2023, we had over 130 actively trading units in Reem Mall, and we hold a positive outlook on the mall's future performance, given the favorable impact of Abu Dhabi's thriving business environment."

Benefits from Reem Island being under the jurisdiction of the Abu Dhabi Global Market (ADGM) as a free zone

Sultan said: "Reem Island has recently joined the Abu Dhabi Global Market (ADGM) as a free zone, presenting numerous benefits to Reem Mall, its activities, and its tenants. Among the key advantages is the provision of a business-friendly environment characterized by streamlined regulations and procedures, thereby enhancing the overall operational efficiency of Reem Mall."

"The collaboration between ADGM and Reem Island is poised to create substantial value to the island, fostering a favorable business landscape that creates abundant opportunities for growth."

“Businesses on Reem Island will experience a multitude of advantages, including global recognition, enhanced international market access, competitive tax rates, innovation support, efficient and internationally recognized dispute resolution, access to a substantial financial services hub with diverse institutions and investment opportunities, as well as networking opportunities within the ADGM ecosystem”, added 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.

-Ends-

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