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Al-Tijaria achieves net profit of KD 5.3 mln in 2nd Quarter – Growth in shareholders, equity 5.4 pct

Abdulfatah M.R. Marafie, Chairman, Al Tijari Real Estate Co.
Abdulfatah M.R. Marafie, Chairman, Al Tijari Real Estate Co.

KUWAIT CITY, Aug 6: 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 ended on 30.06.2016 resulted in achieving net profits of KD 5,359,622 (Five Million Three Hundred & Fifty Nine Thousand & Six Hundred & Twenty Two Kuwaiti Dinar). With an increase of 12.4% compared to the same period in 2015.

Comparing the financial statements of the company for the period ended on 30.06.2016 with performance percentages and financial ratios for the same period in 2015, we find a growth in shareholders’ equity of 5.4% and growth in return on shareholders’ equity with a percent of 6.7% and a growth in consolidated return on total assets with a percent of 2.8% and a growth in return on Capital with a percent of 12.4% and a Net operating profit growth of 15.1% In continuation of the company’s methodology and strategy with regards to diversifying its Real Estate portfolio in terms of size, nature of investment and geographical distribution through a business plan that aims at balancing risks and return through entering promising & income generating investments.

Towards this end, Marafie has announced the beginning of the construction phase for “Al Tijaria Residential Tower” at Al Hoora area — Bahrain. It is located on an area of 3,856 m and 50 floors height with panoramic sea-view in the heart of Manama. The unique architecture of the building, the multiple features and services combined position the tower as a landmark in contemporary housing, providing luxury, comfort and practical life services. The project consists of 6 parking floors, business center, cafe, kids play area, separated gyms for men and women, basketball court, spa, swimming pool, Jacuzzi and outdoor dining restaurant. The tower consists of 280 apartments, 40 of them of three rooms, 120 of two rooms and 120 of one room. The last floor includes a second covered swimming pool, Jacuzzi and cafe, in addition to an executive lounge and multipurpose hall. 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 “The Lobby Expo” at Symphony Style Mall to display unique products and services of small businesses in Kuwait on Tuesday 10th of May 2016. This expo marked as a step towards the preparation of opening the phase 2 of “The Lobby” project at Symphony Style Mall. The Lobby project was established by Al Tijaria in its properties to support small businesses by providing reasonable rent units for small businesses and young entrepreneurs to start their projects. The company had also organized a blood donation campaign under the slogan “Take Time out of your busy life to save a life” at Symphony Style Mall in cooperation with blood bank and with effective contribution from various tenants of the mall.

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