Mubasher: Aqar Real Estate Investments on Monday announced it has signed a KWD 2.2 million preliminary agreement to sell and waiver the usufruct right of an industrial property.

The financial impact of the transaction will be reflected on the company’s annual financial results, Aqar Real Estate added in a statement on Boursa Kuwait.

The company will announce its annual earnings once the transaction is completed and the final contract is sealed, according to the statement.

Aqar Real Estate previously reported a 31.6% decline in profits for the second quarter of 2019, reaching KWD 308,087, compared to KWD 451,055 in Q2-18.

In the first half of 2019, the company’s profits fell by 11.5% year-on-year to KWD 625,097 from KWD 707,031.