Mubasher: The ordinary general meeting (OGM) of the National Real Estate Company (NREC) approved to distribute 10% of the capital as bonus shares for the fiscal year ended on 31 December 2018.

The Boursa Kuwait-listed company on Tuesday, 16 April, also elected a new board of directors for the coming three years.

“NREC has reduced its debt by KWD 49.7 million as part of its strategy to strengthen its balance sheet in order to pursue new opportunities in the region and diversify sources of operating cash flow in the next years,” vice chairman and CEO of NREC Faisal Jamil Sultan Al Essa commented.

During FY18, NREC recorded a net profit of KWD 10.8 million, with earnings per share (EPS) standing at 7.71 fils.

Al Essa said, “The company also progressed in the development of its landmark projects in Abu Dhabi and Grand Heights which will provide significant returns to our company once completed.”

He further noted that “The company’s net debt to equity decreased from 0.8 to 0.5, while our shareholder’s equity increased as part of our commitment at the company to preserve our shareholders’ rights as proven by our track record in over 40 years.”