Kuwait: National Real Estate Company (NREC), currently developing various mega projects in the Middle East and North Africa region, has announced a net profit of KD 17.9 million ($59 million) for 2022, compared to a net profit of KD 199.6 million ($651 million) in 2021.
The company also announced an Earnings Per Share of 10.1 fils for the last year, compared to an EPS of 112.2 fils in 2021.
Its operating revenue came in at KD 26 million ($85 million) for the year ending December 31, 2022, compared to KD 32.5 million ($106 million) in 2021. Total assets were KD 539 million ($1756 million) by December 31, 2022, as compared to KD 654 million ($2131 million) in 2021.
For Q4 2022, the Company reported a net profit of KD 6.3 million, or a profit per share of 3.6 fils, and an operating revenue of KD 7.3 million.
Commenting on the Company’s results, “The continuous progress in the delivery of units in the company’s project Grand Heights in Egypt supported the Company’s operating revenues for the year 2022,” NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said.
Sultan added: “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 FY 2021.”
Established in 1973 and listed in Boursa Kuwait, the NREC is a real estate investment, development and property manager based in the Middle East and North Africa. The company’s portfolio comprises a mix of retail, commercial and residential properties in the region.