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KBT profit jumps to KD 0.618 mln in H1 Growth hits 137 pct

KUWAIT CITY, July 12: Kuwait Business Town Real Estate Company (KBT) is a distinguished real estate development company established in 1999 and became a publically traded company at the Kuwait Stock Exchange on the 16th December 2008. With a paid up capital of KD 78 million equivalents to $ 280 million, this company provides various comprehensive real estate products and services in the local and international market. KBT announced a jump in net profit to KD 0.618 million for the first half of 2014, a growth of 137% compared to the same period in 2013, with earnings per shares 0.79 fils compared to loss of (2.11) fils in 2013. 

Eng Yousef Ghazi Al Saqabi, Vice-Chairman & CEO of KBT said; “The profit of KD 0.618 miilion compared to a loss of KD (1.660) million during the same period during last year shows the inherent strength of our company and make us optimistic that 2014 will be an excellent year that will reap benefits for the shareholders, clients and employees.”  

“The Extra-ordinary General Assembly meeting of the company, held on 23rd June 2014 approved a reduction in Capital to extinguish all the accumulated losses and we are awaiting approval from Ministry of Commerce and Industry to amend the Articles of Association & Memorandum of Association to incorporate the necessary changes and this expected to happen in the coming days.  Moreover, this action will give the company a healthy financial position which will ultimately benefit it’s stakeholders” added Al Saqabi.
Further he said, “The Company will stick to its new motto of - Setting New Standards - by providing clients with state of art facilities.  By settling major debts with a local bank and a financial institution during 2013, the company is positioned for a fresh start. The new branch office acquired during this year at Business Bay in Dubai will be used as a hub for international markets.  The UAE Branch is expected to commence its operations soon.  The announcement of half year results at such a fast pace, being the number one in Kuwait Stock Exchange shows the financial strength of the company and the dedication of the management towards investors”.
 Positive indicators: 
On the other side, Al Saqabi highlighted a number of key positive indicators for KBT emphasizing that the most significant achievement is the reduction in total liabilities to KD 7.1 million by end of 1st half of 2014, a reduction 89% compared to the same period during 2013. The net profits is KWD 618,330/-, an earning of 0.79 fils per share, whereas during the same period in 2013, the losses were KWD (1,660,122/-), a loss of (2.11) fils per share. The Operating revenues for the 3 months increased by 1673% to reach KD 0.562 million compared to KD (0.037) million during the same period last year. The Operating revenues for the half year increased by 147% to reach KD 1.097 million compared to KD 0.443 million during the same period last year.  The book value is 67 fils compared to 63 fils per share for the same period in 2013. 

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