NREC Reports a Net Profit of KD 2.9 million for Q1/2024

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Kuwait City, May 15: National Real Estate Company (NREC) reported its financial and operational results for the three-month period ended March 31, 2024. The Company reported a net Profit of KD 2.9 million and an EPS of 1.62 fils in Q1 2024, compared to a net loss of KD 2.3 million and a loss per share of 1.27 fils during the same period in 2023;.

The Company’s operating revenue came in at KD 1.5 million for the period ended March 31, 2024, a decrease of 64% compared to the same period in 2023. Total assets stood at KD 519 million as of March 31, 2024.

NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “Our first quarter results are in-line with our expectations. Our operational assets across our markets in Libya, Jordan, and Egypt have achieved strong performances. We are pleased with its overall performance of Abu Dhabi’s Reem Mall to date and since it opened to the public back in February 2023 and maintain a positive outlook for its future performance. We expect to have stable performance during 2024.”

NREC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall has been welcoming Abu Dhabi residents and visitors since February 2023 and expect a consistent momentum of new unit openings over the coming months. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Sultan added: “We remain committed to our goal of exiting certain assets, the proceeds of which will be used towards reduction of a major part of our 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 retail, commercial and residential properties in the region.

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