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Aqar Real Estate generates profit from selling industrial plot

Aqar Real Estate generates profit from selling industrial plot
Aqar Real Estate posted a 31.6% decline in profits in Q2-19
AQAR
AQAR
3.60% 77.70 2.70

Mubasher: Aqar Real Estate Investments registered around KWD 530,000 profits after selling an industrial plot in Kuwait.

The company has concluded a sale and waiver deal worth KWD 2.2 million of the usufructuary right of an industrial land plot, the company disclosed to Boursa Kuwait on Tuesday.

The profits of the new deal will reflect on the company’s financial statements of the third quarter of 2019, according to the disclosure.

In July 2019, Aqar Real Estate announced that it has signed a preliminary contract of the industrial coupon mentioned above.

It is worth pinpointing to mention that during the second quarter of 2019, the company posted a 31.6% decline in profits to around KWD 308,870 from about KWD 451,550 in Q2-18.