Kuwait-based National Real Estate Company (NREC), which is presently developing properties valued at over $2 billion in the Middle East and North Africa region, has reported a net profit of KD6.6 million ($21.69 million) for the first half of 2019.

 

The company’s operating revenue stood at KD8.5 million and its EBITDA was KD11.8 million. Total assets reached KD465.9 million by June 30, 2019. The company achieved an EPS of 4.9 fils.

 

Total liabilities decreased by 16.2 per cent to KD194.9 million from Q2 2018, while loans and borrowings decreased by 18.5 per cent, the company said. 

 

NREC vice chairman and chief executive officer, Faisal Jamil Sultan Al-Essa, said: “NREC is delivering on its strategy to strengthen its cash position by reducing debt and enhancing the performance of its operating properties and developing landmark projects. In a year, the company’s debt was reduced palpably while operations performed better from our existing income-generating portfolio in Kuwait, Jordan, Libya and Iraq, translating into our bottom line.” 

 

NREC has also progressed in the development and leasing of the landmark project, Reem Mall, in Abu Dhabi. The project has a confirmed tenant-mix of leading retailers in the region and world.

 

In Egypt, the company’s mega-residential project, Grand Heights, reached an advanced phase of development and delivery of residential units. The project covers a total of four million sq m and caters to the housing needs of a growing population in Cairo and its suburban areas. 

 

Sultan said: “Reem Mall and Grand Heights are significant investments that will support NREC in growing and diversifying its sources of operating cash flow in the coming years.”

 

In Kuwait, NREC manages the waterfront destination, Souq Sharq, and the El Joan resort. In Jordan, the company owns and operates the South Aqaba Investment Park, a 1.5-million-sq-m property dedicated for warehousing, factories, companies and logistics in an attractive investment climate the provides access to major international markets and free trade agreements. 

 

In Libya, NREC’s Palm Residences is a residential project offering high-end facilities and security on the Mediterranean coastline in Janzour, a suburb of Tripoli. In Iraq, the company operates an existing property and is seeking new investment opportunities in close to largest and busiest ring road in Erbil, it said. – TradeArabia News Service