14/08/2018 07:02 AST

Kuwait-based National Real Estate Company (NREC), a leading real estate developer with a major presence in the region, said its total operating revenue surged to KD14.02 million ($46 million) for the first half up 46.05 per cent over the same period last year.

Announcing the results for the six-month period ending June 31, 2018, NREC said the company’s ebitda stood at KD11.94 million, up 35.17 per cent, while net profit was KD 6.77 million and EPS 6.57 fils in H1 2018.

A leading player in the regional real estate sector, NREC manages over $2 billion in properties across Kuwait, UAE, Egypt and other markets in the Middle East and North Africa region.

On the solid performance, Vice Chairman and CEO Faisal Jamil Sultan Al Essa, said: "NREC's improved operational performance was supported by income from rents of properties owned in Kuwait, Jordan and Libya where security stability has improved."

"In addition to this, the continued sales of residential units in our developing mixed-use project in Egypt as well as positive earnings announced by our associates, also helped in boosting growth," noted Al Essa.

“Today, NREC maintains a healthy balance between its existing income-generating assets and upcoming developments that will in turn generate steady revenues in the coming years,” he added.

Al Esaa stated that with a positive operational performance, NREC has embarked on a bullish restructure plan to enable it to reduce its debt to below KD100 million besides improving its efficiency and grabbing new opportunities on the long term."

The company, he stated, had reduced debt by KD19.36 million at half-end and was expected to further strengthen its debt position by year-end after completing the conversion of its KD31 million convertible loan from its associate Agility Public Warehousing Company.

"On another hand, the adoption of IFRS standards resulted in a decrease in reported earnings,” he noted. On its future strategy, Al Essa said: "NREC would be focusing in the coming period on decreasing debt and divesting some of its properties.

"Also key focus will be on maintaining promising assets under management and progressing as per schedule in the development of its two landmark projects, the Grand Heights in Egypt and Reem Mall in UAE," he added.-

Trade Arabia

NREC posts KD 7.6 mln net profit in first half – Operating revenues


National Real Estate Company (NREC), a leading regional asset manager and developer with development projects exceeding $1 billion in both Egypt and the UAE, today released its financial results for

Arab Times

NREC Q1 net profit up 9.8 pct to KD 3.6 mln – EBITDA rises 1.9%


National Real Estate Company (NREC), a leading regional developer with development projects exceeding $1 billion in Egypt and the UAE, announced first quarter net profits of KD 3.6 million, an increa

Arab Times

NREC eyes Islamic bonds


Kuwait's National Real Estate Co. (NREC) is looking to sell conventional or Islamic bonds to reschedule debt, its chief financial officer said.

NREC, which owns a 22.4 percent stake in Kuw


Ticker Price Volume
UFIG 0.00 0
ALINMA 21.98 33,514,721
KINGDOM 8.72 134,044
ALJAZIRAREIT 13.74 581,858
BAHRI 30.45 1,186,546
FOODCO 3.70 0
NRE Sector Market
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ERES 10.70 0.10 (0.94%)
BRES 35.89 0.58 (1.64%)
MABANEE 700.00 7.00 (1.01%)
UDCD 13.90 0.00 (0.00%)
REAM 1,572.00 0.00 (0.00%)
Bank Nizwa participates in Malaysia industry event


Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board

Times of Oman

Emirates NBD stands chance to renegotiate Denizbank acquisition


The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has

Gulf News

Eshraq reports best half-year since 2014


Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017. The property firm said in a press statement that

Gulf News

Damac and RHG to launch Radisson Hotel


Damac Properties has signed a landmark agreement with Radisson Hotel Group (RHG) to develop and launch the ‘Radisson Hotel, Dubai Damac Hills’, its first, newly launched Radisson-branded property wor

The Gulf Today

Adnoc Distribution net profit up 18pc in H1


Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has reported that net profit for the six months ended June 30, 2018, increased by 18 per cent to Dh1.124 billion ($306 million) co

Trade Arabia