Real estate companies in Kuwait achieve profits in the third quarter of 2020

Kuwait

Real estate companies in Kuwait began to achieve profits in the third quarter of 2020 after the large losses that occurred due to the closure, which led to losses for companies, especially shareholders in the stock exchange, in the first quarter of 2020.

With the gradual return to commercial activity again, real estate companies in Kuwait began to recover and achieve profits to cover the losses recorded in the first and second quarter of 2020 due to the laws of total closure. The financial statements of real estate companies listed on the Kuwait Stock Exchange have been issued that 34 companies out of 39 real estate companies began to pay about 51% of the losses that occurred in the first and second quarters, which means that the real estate market in Kuwait will recover and return.

Their losses decreased during the third quarter to 15.1 million dinars, compared to 30.7 million dinars during the second quarter of the year. This indicates that it is on its way to correct conditions and return to record profits again during the coming period. Despite the good performance during the third quarter of this year, real estate companies still have a lot to do to achieve the same results as last year. Their data during the first nine months of 2020 indicate their shift in recording losses compared to the results of the same period in 2019, as losses amounted to 33.17 million Kuwaiti dinars in nine months, compared to profits of 96.4 million Kuwaiti dinars.