Kuwait NREC’s 9-month net profit records €28.05mln

Kuwait NREC's 9-month net profit records €28.05mln

Kuwait-based National Real Estate Company (NREC), leading real estate development and property manager based in the Middle East and North Africa (Mena), has reported a net profit of KD9.5 million (€28.23 million) for the first nine months of 2019.

The National Real Estate Company, which is currently developing projects valued at over €1.81 billion in the Mena region, boasts a major portfolio comprising a mix of retail, commercial and residential properties in the region.

In addition to its core real estate business, NREC is the largest shareholder with a 22.3% share in Agility Public Warehousing Company, one of the top 15 logistics companies in the world.

Announcing its financial and operational earnings for the nine-month period, NREC said its operating revenue stood at KD11.7 million.

Meanwhile, the Kuwait developer said its total assets surged to hit KD467.4 million for the nine-month ending September 30, 2019.

On the solid performance, NREC Vice Chairman and CEO Faisal Jamil Sultan Al Essa said: “NREC remains focused on its strategy of debt reduction to below KD100 million in addition to an overall reduction of total company expenses in bid to strengthen its cash position.”

“We remain focused on enhancing the performance of our operating properties and the development of our landmark projects like Reem Mall in Abu Dhabi and Grand Heights in Egypt,” he added.