Mubasher: The financial statements of Taameer Real Estate Investment showed a 61.4% year-on-year decline in profits during the third quarter of 2019. 

Year-on-year, the profits slid to around KWD 239,940 ($791,730) in Q3-19 when compared to nearly KWD 622,270 ($2.05 million), according to a bourse filing on Thursday.

During the first nine-month period of 2019, Taameer recorded about KWD 873,600 profits, against losses worth nearly KWD 707,730 in the corresponding period in 2018.

The company ascribed the increase in profit to the cessation of the losses incurred by the company from the subsidiaries in Morocco during the past years.

Taameer said that it has exited and sold all of its investments in Morocco, noting that the profit rise is also attributed to the "recognition of revenue resulting from the refund of the amount invested in the shares of a company under liquidation."

It is worth noting that over the first half of 2019, the company registered profits worth about KWD 633,660, versus losses worth KWD 1.33 million during the corresponding period in 2018.