Al Masaken International turns profitable in 2019

Turning into profitability was supported by the change in the fair value of investment properties

  

Mubasher: The net profits attributable to the owners of the parent company of Al Masaken International Real Estate Development amounted to KWD 81,418 in 2019, against net losses of KWD 1.45 million in 2018.

Turning into profitability was supported by the change in the fair value of investment properties, according to the company's disclosure to Boursa Kuwait on Tuesday.

The company's basic and diluted earnings per share (EPS) stood at KWD 0.83, compared to losses per share of KWD 14.70.

During the fourth quarter of 2019, the net profits reached KWD 231,760, versus KWD 1.457 million net losses during the same quarter of 2018.

It is noteworthy to mention that during the third quarter (Q3) of 2019, the company's loss nearly doubled to KWD 68,450, compared to KWD 35,170 in the year-ago period.

Source: Mubasher

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