Mubasher TV
Contact Us Advertising   العربية

Sultan Center’s unit sells property for KWD 7.4m

Sultan Center’s unit sells property for KWD 7.4m
Sultan Center Food’s profits reached KWD 1.07 million in 9M-19
SULTAN
SULTAN
5.58% 104.00 5.50

Mubasher: Sultan Center for Trading and General Contracting, a 99%-owned subsidiary of Sultan Center Food, sold a property at a value of KWD 7.375 million in Al Dajeej area, listed under investment properties article in the group's consolidated financial statements.

The company expected that the deal will result in a KWD 125,000 profit, which will be used in repaying non-current liabilities of KWD 7 million, according to a statement to Boursa Kuwait on Tuesday.

Furthermore, selling this property will lead to a decrease in the annual financing expenses by KWD 385,000.

Noteworthy to highlight, during the first nine months of 2019, Sultan Center Food’s profits reached KWD 1.07 million, down by 78% from KWD 4.86 million in the same period of 2018.