Mubasher: The Commercial Real Estate Company (Al Tijaria) has signed two agreements with two Islamic banks to raise and renew credit facilities.

The credit facilities will be raised to KWD 100.8 million from KWD 64.6 million, according to Al Tijaria’s statement to Boursa Kuwait on Thursday.

The loan increase aims to finance the company’s real estate projects and operating capital, along with repaying financial commitments.

The financial impact of renewing the loans cannot be determined in the current time, while it will be realised in the company’s financials after using these credit facilities.

In 2018, Al Tijaria’s profits rose 1.7%, reaching KWD 14.5 million, compared to KWD 14.26 million a year ago.

In April, the firm’s shareholders agreed to distribute cash dividends worth KWD 8.76 million for the full fiscal year 2018.