Kuwaiti developer Abyaar's losses halve in 2019

The drop in net losses was attributed to the sale of the company’s share in a land plot

  

Mubasher: Abyaar Real Estate Development reported a 50% year-on-year (YoY) drop in its net losses during 2019.

The company suffered net losses of KWD 15.78 million ($51.2 million) last year, down from KWD 31.67 million ($102.7 million) in 2018, according to a statement to Boursa Kuwait on Wednesday.

The drop in net losses was attributed to the sale of the company’s share in a land plot, a decline in investments in associates and accounts receivable, and properties valuation loss.

Net operating losses increased to KWD 830,040 in 2019, compared to KWD 687,557 in 2018.

As for the fourth quarter of 2020, the Kuwaiti firm’s net losses dropped to KWD 11.18 million from KWD 30.22 million in the year-ago period.

It is noteworthy to mention that during the January-September period of 2019, the company’s net losses rose by 128.6% to KWD 3.2 million from KWD 1.4 million in the corresponding period a year earlier.

Source: Mubasher

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