Kuwait - The Securities House has sold one of its property investments operating in the light industry sector for $7.6 million (KWD 2.38 million).
The investment was developed by Securities House in the US, according to a stock exchange statement on Thursday.
The transaction generated total earnings worth nearly $2 million and a net return on invested capital (ROIC) of 40%, equivalent to an internal rate of return (IRR) of more than 15% on an annual basis.
In addition, the Boursa Kuwait-listed company achieved around $500,000 worth of incentive fees.
The transaction will raise the company’s cash balances and profits by $8.1 million (KWD 2.5 million) and $1.75 million (KWD 550,000), respectively, to reflect on the financial statements for the first quarter (Q1) of 2020. A value of $800,000 (KWD 250,000) from the mentioned profit has been registered in the previous fiscal years (FYs).
It is worth pointing out that in 2019, Securities House turned to a loss of KWD 379,624 (about $1.21 million), against a profit of KWD 204,812 (nearly $652,620) in 2018.
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