“National Real Estate” achieves KD 17.9 million. Net profit for the fiscal year ending on December 31, 2022

Operating revenues: KD 26 million.

Profit before interest, taxes, depreciation and amortization: KD 26.7 million.

Total assets: KD 539 million.

The most prominent financial indicators of the company for the periods ending on December 31, 2022 (million Kuwaiti dinars)
Statement	Fourth quarter 2022	Fourth quarter 2021	Change (%)	Fiscal year ending December 31, 2022	Fiscal year ending December 31, 2021	Change (%)
operating revenue	7.3	14.7	50-٪	26.0	32.5	-20٪
Net revenue	4.2	6.4	-35٪	14.5	16.5	-12٪
Earnings before interest, taxes, depreciation and amortization	8.6	-23.6	136٪	26.7	207.2	-87٪
Net profit	6.3	-25.7	124٪	17.9	199.6	-91٪
Earnings per share (fils)	3.6	-16.97	121٪	10.1	112.2	-91٪

Kuwait: The National Real Estate Company, which is currently developing various mega projects in the Middle East and North Africa region, announced its financial and operational results for the fiscal year ending on December 31, 2022. The company achieved a net profit for the shareholders of the parent company of KD 17.9 million, i.e. The equivalent of 10.1 Kuwaiti fils per share, for the year 2022, compared to a net profit attributable to the shareholders of the parent company of KD 198.9 million, equivalent to 112.2 Kuwaiti fils per share, for the year 2021.

The company’s operating revenues amounted to KD 26 million for the fiscal year ending on December 31, 2022, compared to KD 32.5 million as at the end of 2021. Total assets amounted to KD 539 million as of December 31, 2022, compared to KD 654 million as of December 31, 2022. At the end of 2021.

In the fourth quarter of 2022, the company recorded a net profit of KD 6.3 million, equivalent to 3.6 Kuwaiti fils per share, and operating income of KD 7.3 million.

In the context of his comment on the company’s results, the company’s Vice Chairman and CEO, Mr. Faisal Jamil Sultan Al-Essa said: “The continuous progress in delivering units in the company’s Grand Heights project in Egypt has supported the company’s operating revenues for the fiscal year ending on December 31, 2022.” .

Sultan added: “The decrease in the company’s profits for the fiscal year ending on December 31, 2022, compared to 2021, is due to the impact of the exceptional profits recorded during the year 2021 as a result of our associate company Agility selling its global integrated logistics services company to DSV, in exchange for shares in the DSV company.

“We would like to take the opportunity to express our gratitude to our valued shareholders and stakeholders for their continued confidence in the management of the company.”

Dividend recommendation

The company’s board of directors recommended not to distribute any dividends for the year 2022, due to uncertainty and inconsistencies in public sector policies related to land use and the role of the private sector in the economy.

This recommendation is subject to the approval of the general assembly of the company’s shareholders.

Major projects

“Focus continues to improve the performance of the company’s operating assets and the development of its two major projects, the Reem Mall complex in Abu Dhabi and the Grand Heights project in Egypt,” Sultan said.

Reem Mall – Many stores and restaurants have started opening their doors to customers in Abu Dhabi

Reem Mall is a modern project, located on Reem Island in the heart of the new Abu Dhabi, and extends over an area of ​​approximately 2.8 million square feet, with a value of regarding $1.3 billion.

Reem Mall includes regarding 450 retail units of the finest local and international brands, in addition to regarding 85 restaurants and cafes, and a range of family-focused entertainment offerings, including Vox Cinemas, Carrefour Hypermarket, and Snow Abu Dhabi.

Sultan said, “Many stores and restaurants have begun to open their doors to customers in Abu Dhabi, and we remain optimistic regarding the successful transition of Reem Mall from a construction project to an operational asset, which will contribute to the company’s revenue growth in the coming years.”

Grand Heights – continued progress in the development and delivery of residential units

In Egypt, the integrated residential project, Grand Heights, has reached an advanced stage of development and delivery of residential units. The Grand Heights project is part of a larger project owned by Kwadico, a subsidiary of the National Real Estate Company. The larger project includes parts being developed by three developers. This project extends over a total area of ​​3.8 million square meters that meets the housing needs of the growing population in Cairo and its suburbs.

“The percentage of units sold in the entire project until the end of 2022 amounted to 74%,” Sultan said.

Sultan added, “The total number of units sold throughout the project reached 6,607 units, as at the end of 2022, and the number of remaining unsold units reached 2,291.”

The National Real Estate Company was established in 1973 and is a listed company on the Kuwait Stock Exchange. The company invests, develops and manages real estate in the Middle East and North Africa region. The company focuses on a mix of sectors comprising retail, commercial and residential real estate in the region.

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