Mubasher: Aayan Real Estate achieved profits valued at KWD 5.13 million ($16.92 million) in the fourth quarter of 2018 against a loss of KWD 9.28 million ($30.61 million) in the same period a year ago.

During fiscal year 2018, the real estate company recorded a profit of KWD 5.94 million versus losses of KWD 8.08 million in the previous year, according to a bourse statement on Tuesday.

The positive turn in FY18 financials is attributed to higher leasing revenue as well as an increase in operating real estate business.

The board members of Aayan Real Estate recommended 5% of the capital as cash dividends for FY18 or 5 fils per share.