Al Tijaria achieves a net profit of KD 1,005,374 for 2020

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Board proposes 3% cash dividend and bonus shares of 2%

KUWAIT CITY, March 17: Abdulfatah M. R. Marafie, Chairman of The Commercial Real Estate Company “Al Tijaria” has stated that the business outcome of the company for the financial period which ended on 31.12.2020, resulted in achieving net profits of KD 1,005,374 (One million, five thousand three hundred and seventy-four Kuwaiti Dinars only). While the operating profits amounted to 13.4 million Kuwaiti dinars.

The Board of Directors recommended distributing cash dividends of 3 % of the par value of the share and bonus shares 2% from treasury shares (2 shares for each 100 shares). It is worth mentioning that the recommendations of the Board of Directors regarding the distribution of profits were based on the basis of a well-thought-out methodology that is considered in accordance with the future vision and operating revenues of the company in order to create added value to the shareholders. Commenting on the financial results for 2020, Marafie said that the Commercial Real Estate Company has done its best to maintain its achievements, despite the corona pandemic, which has resulted in huge losses worldwide. Marafie explained that the consequences of this crisis, its impact, and the precautionary measures imposed by governments around the world, including the rules of social distancing and partial and full curfews, have all led to a significant decline in the global economy. Especially with the full closure of malls, hotels and wedding halls.

Accordingly, the company has formed a team to follow up the repercussions of the crisis to follow up all the company’s units of real estate and investments, inside and outside Kuwait, to find out how these units will continue, to take appropriate decisions in a timely manner, and to amend strategies in line with the current situation, taking into account the health requirements imposed locally, regionally and internationally

On the regional level, Marafie stated that the Commercial Real Estate Development Company in the Kingdom of Bahrain has made progress in the construction work for the Symphony Tower project, which consists of 46 fl oors and 351 apartments, in addition to a variety of luxurious facilities that give a sense of luxury to the tower. Work is currently underway on the final internal finishes and the common facilities finishes for the tower, as about 89% of the project has been completed up until the end of 2020. The percentage of residential units’ sales reached 61% of the units offered for sale. Due to the difficult conditions imposed by the corona epidemic on the world, the completion and delivery of the project has been postponed.

Marafie added that, despite all of these circumstances, Al Tijaria did not hesitate to believe in the importance of social responsibility in light of the application and strengthening of the principles of corporate governance. The company continued on its support under principle of “We Care”, including organizing an exhibition to support small and medium businesses by providing an integrated sales platform in Boulevard Ballroom. Al-Tijaria also launched a campaign “don’t worry, Al Tijaria with you” whereby it decided to exempt affected tenants from paying the monthly rent.

he Al-Tijaria Real Estate Company also launched a campaign entitled “We Care for the Al-Tijaria family” to distribute prevention & sanitization measures from the Corona virus to all tenants of its residential, commercial properties and offices. On behalf of the Board of Directors, Marafie thanked the shareholders, members of the Board of Directors and all employees of the company for their efforts and continuous support, stressing that the Commercial Real Estate Company devotes all its capabilities to achieve its future vision based on its capabilities and work on its development and investment in accordance with the plans set to create continuous growth and achieve distinguished profits and added value to the shareholders, asking God Almighty to protect Kuwait and its people from all harm under the leadership of His Highness the Amir, Sheikh Nawwaf Al-Ahmad Al-Jaber Al-Sabah, and the Crown Prince, His Highness Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah and the Prime Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah may God protect them all.

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