Kuwait Real Estate News
Abyaar Real Estate records KD5mn net profit
Kuwait-based Abyaar Real Estate Development Company has recorded profit worth KD5mn during the first nine months of 2009, with earnings per share of 6.90 fils.
Commenting about the results, Abyaar Chairman, Hesham Abdul Wahab Al Obeid, said “We are keen to announce our results with full credibility and transparency, and to clarify all issues pertaining to our activities.”
Abyaar managed to pay 45 percent of its total obligations, reducing financing debt by 30 percent for the third quarter of this year. Abyaar also successfully managed to increase its capital, which was covered at 98 percent, Hesham said.
The value of the total assets by the Company exceeds its total liabilities by around KD146mn. Abyaar seeks to repay its financial obligations for the current year in full, Hesham said.
As for the land purchase commitments, Abyaar has already settled these commitments with major property developers in Dubai and in few other countries within the region, Hesham said.
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