NREC reports a net loss of KD 2.3 million for Q1/2023

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KUWAIT CITY, May 14: National Real Estate Company (NREC)reported its financial and operational results for the three-month period ended March 31, 2023. The Company reported a net loss attributable to the owners of the Parent Company of KD 2.3millionand a loss per share of 1.27fils in Q1 2023, compared to a net profit of KD 3.3 million and an EPS of1.84fils in Q1 2022.

NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa

The Company’s operating revenue came in at KD 4.0 million for the period ended March 31, 2023, a decrease of 51% compared to the same period in 2022. NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “In Abu Dhabi, Reem Mall is officially open, and our other key operational assets in Libya, Jordan, and Egypt have achieved their strongest performances to date.” Short term focus: Exiting certain assets and reducing debt Sultan added: “We remain committed to our goal of exiting certain assets, proceeds of which will be used towards the reduction of a major part of the Company’s debt.” Established in 1973 and listed in Boursa Kuwait, National Real Estate Company (NREC) is a real estate investment, development and property manager based in the Middle East and North Africa.

The Company’s portfolio comprises a mix of sectors that include retail, commercial and residential properties in the region. ENDS For more information, please contact: Mageda Abbas – M: +965 66878225 – [email protected]

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