Kuwait Real Estate News
Kuwait realty sector post profits
Several companies listed in Kuwait Stock Exchange (KSE), posted their third quarter results this week, with real estate sector recording the best performance. However, the investment sector did not show great results.
The property sector showed significant results, recording positive results in the third quarter.
Al-Arjan International Real Estate posted profits worth KD4.5mn, including 17.8 fils per share in 2011, in comparison to KD3.9mn and 15.2 fils per share last year.
Similarly, Salhiya Real Estate recorded KD4.2mn profit in comparison to KD9.2mn profit a year ago.
However, on the investment sector, the Kuwait China Investment Company posted KD11mn worth of net losses, with a 14percent decline in total assets of the company. According to the Company’s Managing Director, Al-Hamad, this reflects the current state of affairs of the world market.
The company focuses on investing in Asian countries that depend on local demand in real estate, energy, infrastructure, health services and financial sectors. Al-Hamad expressed confidence that this decline will be made up for, when taking into account recent efforts taken by Asia, in making the market more reliant on the scale of local consumption and inter-Asian trade.
Even Al-Sahel Development and Investment Company posted KD12.3mn worth losses during the third quarter this year, in comparison to KD5.3mn profits the previous year.
Al-Mazaya Holding Company also recorded losses worth KD4.7mn, in comparison to KD1.5mn in profits. Meanwhile, the Al-Safwa Group Holding continued its bad performance when it recorded losses worth KD7.9mn, in comparison to KD8.3mn losses during the previous year.
However, amidst all these losses, Egypt Kuwait Holding Company posted KD27.6mn worth profit in the third quarter, although it was still KD800,000 less than previous year profits.
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