Kuwait-Mubasher: Abyaar Real Estate Development Company issued its financial results for the fiscal year ended on 31 December, 2014, posting a net profit worth KWD 755,000 against losses worth KWD 4.9 million in 2013.

The board of directors recommended no dividends for the fiscal year of 2014, according to a report sent to Mubasher.

“Abyaar is currently focusing on executing the firm’s projects and delivering them on due dates,” said Chairman Marzooq Rashed Al-Rashdan.

“We are completing Dubai’s Hilliana residential tower, as the project will be delivered in the third quarter of 2015,” Al-Rashdan said, adding “A new contractor was awarded an agreement to start working on the second phase of Acacia Avenue’s Olgana project. Additionally, 95% of the 50-stand-alone villas in Acacia Villas project is delivered.”

Abyaar succeeded in raising the shareholders equity by KWD 4.2 million or 4.7% to reach KWD 94.1 million in 2014 against KWD 89.9 million in 2013. Such raise increased the book value per share from 81.8 fils in 2013 to 85.6 fils in 2014.

“The firm signed several agreements with local and gulf banks to reschedule its KWD 28 million debts by extending repayment period from three to 10 years,” said the chairman.

He added that the firm’s assets stood at about KWD 33.6 million by the end of 2014.