Al Tijaria posts KD 3.36mn net profit in Q1 – Results show company’s strong position despite market’s obstacles

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KUWAIT CITY, May 12: Abdulfatah MR Marafie – Chairman of Al-Tijaria Real Estate Company has stated that the business outcome of the company for the financial period ended on 31.03.2016 resulted in achieving net profits of KD 3,360,623 (Kuwaiti Dinar Three Million Three Hundred & Sixty Thousand & Six Hundred & Twenty Three Only). This translates to a 76.3% growth in comparison to the same period in 2015. Also the Shareholders’ equity grew by 5.4% and total Group assets grew by 20.3% in comparison to same period in 2015.

During the first quarter the return on shareholders’ equity grew by 67.3%, return on total group assets grew by 80.5% and return on capital grew by 68%. Also the operational profits of the company mostly comprising of rental income from properties grew by 18.7% in comparison to the same period in 2015

Marafie added that the results achieved in the 1st quarter of this year had proven the strong position of

Al Tijaria Real Estate Company and its ongoing growth and profit achievement despite the local and global markets’ obstacles.  Marafie also stated that the company had recently organized a number of events and social initiatives as part of its corporate social responsibility and as part of applying corporate governance principles. The company successfully organized “Business & Marketing” Seminar at Symphony Style Hotel on 7th of March, 2016 to provide advice to small and medium business about the basics of establishing their business ideas and effective marketing, to help them breakthrough their projects to achieve success.

During the seminar, Abdulfatah Marafie announced the opening of “The Lobby 3” project after the continuous success of the Lobby 1&2 in Al Tijaria Mall & Symphony.

Marafie added that the company organized on 21 March 2016 “Eshraqat Amal 4” festival under the patronage of Sheikha Sheikha Al-Abdullah Al-Khalifa Al-Sabah, the Honorary Chairperson of Kuwaiti Disabled Sports Club to exhibit the creative works of people with special needs in Symphony Style Mall. We, in Al-Tijaria, recognize the importance of integrating citizens with special needs in society to emphasize the important role they play in the development of society.

Al Tijaria Real Estate Company also launched a new CSR project called “Rafad”. This nonprofit project aims at raising awareness about the consumption of food. It uses the extra food from Symphony Style Hotel restaurants and special occasions or the freshly cooked food in the hotel’s kitchen and distribute it on a weekly basis after Duhr’s prayer to the needy in different areas of Kuwait. Rafad’s initiatives depend on volunteers to develop it.

Finally, Marafie, had expressed his gratitude and appreciation to all shareholders, members of the Board of directors as well as employees at the Company for their efforts, continuous support, and hard work for reaching the sought after goals.

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