NREC announces a net profit of KD 11.6mln for 9M/2022

NREC announces a net profit of KD 11.6mln for 9M/2022

Kuwait: National Real Estate Company (NREC), currently developing various mega projects in the Middle East and North Africa, reported its financial and operational results for the periods ended September 30, 2022. The Company announced a net profit attributable to the owners of the Parent Company of KD 11.6 million and an EPS of 6.58 fils, compared to a net profit of KD 225.4 million and an EPS of 126.49 fils for the comparative 9-month period in 2021.

The Company’s operating revenue came in at KD 18.8 million, an increase of 6% compared to the same period in 2021. Total assets stood at KD 502 million, as of September 30, 2022.

For Q3 2022, the Company reported a net profit of KD 6.2 million, or a profit per share of 3.52 fils, and an operating revenue of KD 4.5 million.

Commenting on the Company’s results, NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “The continuous progress in the delivery of units in the Company’s project Grand Heights in Egypt supported the Company’s operating revenues for 9M 2022.”

“The decline in the profits for the periods ended September 30, 2022 compared to the same periods in 2021 is due to the recognition