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Aqar Real Estate profits fall 31% in 2018

Aqar Real Estate profits fall 31% in 2018
Aqar Real Estate Investments reported a 31.1% year-on-year drop in its profits for the fiscal year ended 31 December 2018
AQAR
AQAR
-1.22% 81.00 -1.00

Mubasher: Aqar Real Estate Investments reported a 31.1% year-on-year drop in its profits for the fiscal year ended 31 December 2018 and recommended distributing cash dividends of five fils per share.

The Kuwait-based firm’s profits amounted to KWD 1.21 million ($4 million) in 2018, against KWD 1.76 million ($5.8 million) in the prior year, it said in a statement to Boursa Kuwait on Sunday.

The retreat in profits was attributed to the lack of profits generated from selling stakes in sister companies as in the earlier year, Aqar noted.

Aqar’s assets fell 5.1% to KWD 29.64 million last year, from KWD 31.22 million in 2017, according to the statement.

Meanwhile, the operational revenues tumbled 37% to KWD 1.59 million, compared to KWD 2.52 million a year earlier.

During the first nine months of 2018, Aqar reported a 0.9% growth in profits to KWD 1.04 million from KWD 1.03 million in the corresponding period a year ago.