Kuwait – Mubasher: Real Estate Asset Management Company on Tuesday denied news that it achieved a profit of KWD 2 million for 2016, according to a filing to Boursa Kuwait.

Local Kuwaiti newspapers reported that the real estate firm had achieved KWD 2 million in profits last year.

The company confirmed that its profits for 2016 amounted to KWD 790,760.

On Sunday, Aljarida newspaper reported, citing REAM CEO Ibrahim Al-Kandari as saying that REAM posted profits of KWD 2 million in 2016, compared to KWD 902,960 in 2015.

The company has succeeded in achieving the highest operating profits in the past five years, despite the negative impact of the real estate market, Al-Kandari told Aljarida.