NREC reports KD 1.4mn net profit for Q1

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Co’s operating revenue at KD 5.7mn, total assets reach KD 487mn

KUWAIT CITY, May 16: National Real Estate Company (NREC), currently developing various mega projects in the Middle East and North Africa region, reported its financial and operational results for the three-months period ended 31 March 2021. The Company announced a net profit attributable to the owners of the Parent Company of KD 1.4 million and an EPS of 0.96 fils in the first quarter of the year 2021, compared to a net profit attributable to the owners of the Parent Company of KD 0.6 million and an EPS of 0.40 fils in the first quarter of the year 2020.
The Company’s operating revenue stood at KD 5.7 million in Q1 2021, a 52.5% increase from Q1 2020, and its total assets reached KD 487 million by March 31, 2021.
NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “With the COVID-19 vaccination programs well underway in the countries where NREC operates, we are optimistic about the positive impact on the Company’s operations in the remaining periods of 2021.”
“The Company’s Management will also continue to take the needed proactive measures to safeguard the Company’s financial health, and to overcome any economic and social challenges that might still result from the current COVID-19 crisis.”
“The Company remains focused on its strategy of debt reduction to below KD 100 million in addition to an overall reduction of total company’s liabilities and expenses, which will strengthen NREC’s cash position. We remain focused on enhancing the performance of our operating properties and the development of our landmark projects Reem Mall in Abu Dhabi and Grand Heights in Egypt.”
Located on Reem Island in Abu Dhabi, Reem Mall is a major new retail, leisure, dining and entertainment destination that comprises 450 stores and has a confirmed tenant-mix of leading retailers in the region and world.
In Egypt, the Company’s mega-residential project, Grand Heights, reached an advanced phase of development and delivery of residential units. Grand Heights is part of a larger plot owned by NREC’s subsidiary KUWADICO, and in which three sub-developers are developing various portions. The project covers a total of four million square meters and caters to the housing needs of a growing population in Cairo and its suburban areas.
Sultan said: “Reem Mall and Grand Heights are significant investments that will support NREC in growing and diversifying its sources of operating cash flow in the coming years.”
In Kuwait, NREC manages the waterfront destination, Souq Sharq, and the El Joan resorts. In Aqaba – Jordan, NREC’s subsidiary owns and operates the South Aqaba Investment Park, a 1.5 million square meters property dedicated for warehousing, factories, companies and logistics in an attractive investment climate that provides access to major international markets and Free Trade Agreements. In Libya, Palm City Residences is the first fully operational project to be developed by the NREC’s joint venture in Libya, Mediterranean Investments Holding p.l.c. (MIH). This residential project is offering high-end facilities and security on the Mediterranean coastline in Janzour, a suburb of Tripoli.
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. In addition to its core real estate business, NREC is the largest shareholder with a 22.3% share in Agility Public Warehousing Company K.S.C.P., which is one of the leading logistics companies in the world.

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