Kuwait Real Estate News
Kuwait Property Sector records highest growth earnings
Amidst the growing fears of global economic recession, the earning releases for the third quarter of this year of companies listed on Kuwait Stock Exchange (KSE) kept pouring in, with the deadline for providing financial statements fast approaching.
Out of 197 companies listed on the KSE, excluding companies with fiscal year not ending on December 31st, only 70 companies’ results have been announced. Out of 70, only two companies reported loss for the 3-month period. The total profits of the companies who announced their third quarter results stood at KD1.9bn for the nine-month period ending on 30th September 2008, registering a decline of 8.6 percent compared to KD2.1bn during the same period in 2007.
The real estate sector registered the highest growth in earnings. Out of 34 listed real estate companies, the results of 11 companies were announced, with profits totaling to KD181.6mn during the nine-month period of 2008, compared to a profit of KD113.8mn during the same period in 2007, marking a growth of 59.6 percent.
During the third quarter of this year, the real estate sector was also the best performer, with a growth rate of 69.8 percent.
Out of the 70 companies that announced results, the First Dubai Real Estate Development registered maximum increase in nine-month period, ending September 30th 2008, with a gross profit of KD34.5mn compared to KD2.8mn during the same period of 2007.
Just next to First Dubai, was Shuaiba Industries, with a growth rate of 473.9 %. The National Ranges Company is positioned third with a growth of 262.3 percent, followed by Ekttitan Holding Company with 160.2%, and Al Mazaya Holding Company increasing by 152.0 percent.
The First Dubai Real Estate Development Company and the Al Mazaya Holding Company are among the top five performers during the third quarter of 2008 with a net profit of KD19.6mn and KD27.77mn, when compared to those in the third quarter of 2007.
Out of the 70 companies that announced their results, the Ajial Real Estate Entertainment Company saw a decline of 84.5%, Kuwait Projects Company by 81.5% and Aqar Real Estate Investment Company by 77.9 percent.
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