Mubasher: National Real Estate (NREC) achieved a net profit of KWD 10.41 million ($34.3 million) during the first nine months of 2018, according to a press release on Wednesday.

NREC registered an operating revenue of KWD 18.42 million, and a growth of 16.54% in its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to KWD 17.82 million when compared to the first nine months of 2017.

Earnings per share (EPS) stood at 9.1 fils by the end of September.

The shareholders’ equity rights of NREC reached KWD 223.21 million by the end of the nine months in 2018.

“NREC has sustained its financial position supported by rental income from properties owned in Kuwait, Jordan and Libya, sale of units in the developing mixed-use project in Egypt, and positive earnings announced from our associate,” the deputy chairman and CEO of NREC, Faisal Jamil Sultan Al Essa, said.