NREC Shareholders approve the Board’s recommendation not to distribute any dividends for the financial year ended 31 December 2022

NREC Shareholders approve the Board’s recommendation not to distribute any dividends for the financial year ended 31 December 2022

Kuwait: National Real Estate Company (NREC) held today its shareholders’ Annual Ordinary General Assembly Meeting (AGM) for the financial year ended 31 December 2022, with a quorum of 70.35%. The meeting took place electronically.

The Company’s shareholders approved all items on the AGM agenda, including the Board’s recommendation not to distribute any dividends for the financial year ended 31 December 2022.

The Company reported a net profit attributable to the owners of the Parent Company of KD 17.9 million and an EPS of 10.1 fils in 2022, compared to a net profit attributable to the owners of the Parent Company of KD 199.6 million and an EPS of 112.3 fils in 2021.

The Company’s operating revenue came in at KD 26.0 million for the year ended 31 December 2022, as compared to KD 32.5 million in 2021.

NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “The reason for the decline in profits in 2022 as compared to 2021 is the impact of an exceptional gain that arose from our associate company Agility's sale of the Global Integrated Logistics unit to DSV, in exchange for shares in DSV, during the financial year ended December 31, 2021.”

Landmark Projects

Reem Mall – Abu Dhabi

Sultan