— Kuwait’s National Real Estate Company (NREC) said its net profits topped KD 5.4 million (nearly USD 17.57 million) in the first half of the year (H1-2022) ending on June 30, with per share dividends amounting to three fils.

The operating revenues in this period went up by 18 percent to KD 14.2 million (some USD 46.2 million) compared with the corresponding period of last year, it said in a press release on Sunday.

The total value of the company’s assets hit KD 526 million, according to the statement.

Hailing the financial results, NREC Vice Chairman and CEO Faisal Jamil Sultan Al-Essa attributed the increase of operating revenues to the robust performance of the company’s Grand Heights project in Egypt.

NREC has recently inked deals on banking facilities with two local banks totaling KD 116 million, Al-Essa added

Source: Kuwait News Agency