• Operating Revenue: KD 8.3 million
  • EBITDA: KD 5 million
  • Total Assets: KD 598 million

An increase of 138% in NREC’s profits for the period ended March 31, 2022, compared to the same period in 2021

 

Q1 2022

(Million KD)

Q1 2021

(Million KD)

Variance

(%)

Revenue

8.3

5.7

46%

Net Revenue

3.7

3.6

2%

EBITDA

5.0

3.2

58%

Net Profit

3.3

1.4

138%

EPS (fils)

2.22

0.92

141%

Kuwait: National Real Estate Company (NREC), currently developing various mega projects in the Middle East and North Africa region, reported its financial and operational results for the three-month period ended March 31, 2022. The Company announced a net profit attributable to the owners of the Parent Company of KD 3.3 million and an EPS of 2.22 fils in Q1 2022, compared to a net profit of KD 1.4 million and an EPS of 0.92 fils in Q1 2021.

The Company’s operating revenue came in at KD 8.3 million for the period ended March 31, 2022, an increase of 46% compared to the same period in 2021. Total assets reached KD 598 million by March 31, 2022, an increase of 23% from March 31, 2021.

NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “We had a good start to the year 2022 despite the current global economic uncertainties, thanks to the sound risk measures being implemented by the Company’s Management.”

“We will continue to take the needed proactive actions in these unprecedented times, to safeguard the Company’s financial health and to deliver on our promises to our stakeholders”, added Sultan.

NREC’s strategic investment in Agility Public Warehousing Company K.S.C.P.

“In addition to its core real estate business, NREC is the largest shareholder with a 22.3% share in Agility Public Warehousing Company K.S.C.P. Agility operates and invests in companies that transform supply chain by making them smarter, faster, cleaner, fairer and more efficient”, stated Sultan.

“Agility has an enviable track record of growth and sustained value creation for its shareholders, and has positioned itself as a leading provider of supply chain services, infrastructure, and innovation.”

Sultan added: “Agility’s operational and financial performance in Q1 2022 witnessed an improvement compared to Q1 2021, and this has positively impacted NREC’s financial results for Q1 2022.”

Short term focus: Exiting certain assets and reducing debt

“Our short term focus is towards exiting certain assets, proceeds of which will be towards reduction of a major part of our debt”, revealed Sultan.

Reem Mall - A completion rate of more than 98%

“Construction and pre-leasing at Reem Mall are progressing well, with a Completion rate of more than 98% as of the end of March 2022”, said Sultan.

“Carrefour Hypermarket opened its doors to Abu Dhabi’s customers at Reem Mall, during Q1 2022.”

Located on Reem Island in Abu Dhabi, Reem Mall is a major new retail, leisure, dining and entertainment destination that comprises 450 stores and has a confirmed tenant-mix of leading retailers in the region and world.

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