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Kuwaiti developers’ profits nearly halve in Q2-19

Kuwaiti developers’ profits nearly halve in Q2-19
Developers report $174.7m profits in 6M
Alargan
ARGAN
-9.79% 129.00 -14.00
ABYAAR
ABYAAR
0.00% 13.70 0.00
MABANEE
MABANEE
1.09% 739.00 8.00

By: Mohammad Farouk

Mubasher: The profits of 34 Boursa Kuwait-listed real estate companies dropped 40.8% year-on-year to KWD 14.34 million ($47.3 million) during the second quarter of 2019.

In the first six months of 2019, the real estate companies declined by 13.7% to KWD 52.97 million ($174.7 million), compared to KWD 61.41 million ($202.5 million) in the year-ago period.

The profits of the real estate sector accounted for 14.4% of total profits of Kuwait-listed companies in Q2-19, which registered KWD 543.25 million.

Mabanee reported the highest profits in the sector in the three-month period ended 30 June, which reached KWD 14.05 million, while Alargan International Real Estate came at the end of profitable companies' list for Q2-19, posting KWD 23,210 profit.

Meanwhile, Abyaar Real Estate Development reported the biggest loss in the sector during the second quarter of the year, which amounted to KWD 19.67 million. 

 

Translated by: Muhammad Abdul-Wakeel