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AQARAT achieves KD 7.1 m profit for year 2014

Kuwait Real Estate Company KPSC (AQARAT) achieved a profit of KD 7.1 m for the year 2014 as compared to profit of KD 6.7 million achieved in year 2013. The Earnings per Share (EPS) increased to 7.8 Fils in fiscal year 2014; from 7.4 Fils in 2013, an increase of 6%.

Furthermore, the Shareholders’ equity improved to KD 126 million as compared to KD 124 million in 2013. Resultant, the book value of the share has increased to 140 Fils per share in 2014 as compared to 137 Fils in the year before.

The improved financial performance is the result of implementing the company’s new strategy, and in line with ambitious plans of the Board of Directors, which made this announcement following it’s meeting on Thursday, February 19, 2015 in which the members recommended distribution of a cash dividend of 5% from the profits of year 2014.

The Board Chairman, Mr. Ibrahim Saleh Al-Tharban made the following statement after the meeting: “By the grace of God, our company realized a profit of KD 7.1 million in the year 2014, due to the tremendous efforts of the company’s employees and continuous implementation of company’s strategy with focus on maximizing annual profits, which would benefit our esteemed shareholders. Consequently, the Board recommended distribution of a cash dividend of 5%.’’

Mr. Al-Tharban highlighted that Kuwait Real Estate Company is a significant and esteemed Kuwaiti firm operating in the field of real estate. “We have expanded our real estate activities and initiated new real estate investments resulting in our property assets increasing to KD 142 million in 2014. Real estate is regarded as a superlative investment with minimal risks and superior returns. We have also sustained our efforts to renew and develop our proprietary investments and B.O.T. projects”

“Moreover, we look forward to carry on implementing our strategy and envision it bearing fruits in the coming years”, he added.