Mubasher: National Real Estate Company (NREC) posted a net loss of KWD 2 million during the fourth quarter of 2017 against a net profit worth KWD 5 million in the same period in the prior year, according to a recent statement.

During fiscal year 2017, National Real Estate reported a decrease of 34.3% in net profit to KWD 10.6 million compared to KWD 16.1 million in the previous fiscal year.

National Real Estate is a leading regional asset manager and developer based in Kuwait with $2 billion investments in projects under development in the UAE, Egypt and other markets.

“The Company recorded an operating revenue of KWD 38.5 million, an EBITDA of KWD 13.9 million and a net profit of KWD 10.6 million,” the statement added.

The board members of National Real Estat has recommended a dividend distribution of 10% of bonus shares, subject to approval of the ordinary general meeting (OGM).

Faisal Sultan, the deputy chairman of National Real Estate, said, “We have crossed important milestones in our two largest projects, Grand Heights in Egypt and Reem Mall in UAE. Both projects are progressing well and in line with expectations.”