Alargan International Real Estate seeks to double profits by 2020, said Khaled Al Mashaan, vice chairman and CEO.

The company's earnings of KWD 46 million from selling stakes in an affiliate in Saudi Arabia have been partially directed towards boosting the dividend payout to 20% for 2014, while the remaining amount has been used to buy and build profit generating properties, added Al Mashaan.

The company’s total assets stand at above KWD 175 million, while its real estate portfolio amounts to nearly KWD 80 million spread inside and outside Kuwait, said CEO.

Meanwhile, the company seeks to grab potential investment opportunities in Egypt, Morocco, Turkey, Qatar and UAE, noted Al Mashaan.

The company's chief elaborated that he expects the firm's credit ratings may recover on the positive financial figures for 2014, in addition to narrowing its financial obligations with lenders.
 
In 2014, Capital Intelligence (CI), the international credit rating agency, announced that it has affirmed the 'BBB-' Rating of the KWD26.5mn five-year bond issued by Alargan in April 2012.

The Kuwait-listed company reported KWD 4.66 million net profits in 2014, an increase of 20.5% from KWD 3.86 million a year earlier.

The firm is capitalised at KWD 26.50 million, distributed across 265 million shares at KWD 100 fils par value each.